Tehran’s main stock market closed higher on Saturday buoyed by rising oil prices and renewed appeal toward auto and bank shares.
The rise in refinery and petrochemical stocks helped the main index cross the resistance level of 166,000.
Oil market got the recent boost after OPEC reported that its December oil output has fallen sharply easing the surplus supply pressures.
OPEC says its December output fell by 751,000 barrels per day (bpd) to 31.58 mbpd. Also, US is expected to extend waivers to countries importing Iranian oil as the first round of US oil waivers are set to expire in May 2019.