For the oil industry, this is what passes for good news:
Iran said Wednesday that it would be great if other countries would limit their oil production to boost prices.
As for itself, Iran will continue to ramp up oil production.
That may not sound like much reason for celebration, but Iran's expression of support for multi-nation plan to restrain oil output was enough to give the energy market a boost. On the New York Mercantile Exchange, West Texas Intermediate crude oil gained $1.62, or 5.6%, to settle at $30.66 a barrel.