Iran sees output cut extension; Brunei is willing to chip in

A couple of bullish oil market news hit the wires over the weekend. Iran sees $55 per barrel as a suitable price for crude oil, and believes that OPEC and non-OPEC producers are likely to extend output curbs.

"I think non-OPEC oil producers will also second (an) extension of the plan," said Zanganeh,

Meanwhile, Saudi Arabia's energy minister Khalid al-Falih said i on Sunday that Brunei has expressed readiness to extend the global output cut agreement in order to support oil markets.