Oil rallies on OPEC deal; bonds end dismal November
Wednesday, 30 November 2016 By Richard Leong | NEW YORK NEW YORK Oil prices jumped around 9 percent on Wednesday as OPEC members sealed a deal to cut production, while upbeat U.S. economic data and comments from the U.S. Treasury Secretary nominee triggered a bond market sell-off, marking a miserable November for Treasuries.Higher crude prices bolstered shares of energy producers and stock prices around the world, with the Dow and S&P 500 stock indexes touching record highs.An improving view on global growth, led by the United States on hopes of tax cuts and federal spending under a Trump administration, rekindled the dollar's advance toward a near 14-year peak."Everything seems to be coming together for more growth and risk appetite," said Larry Milstein, head of agency and government trading at R.W
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Oil prices have fallen almost 4 percent on signs leading oil exporters in OPEC were struggling to agree on a deal to cut production to reduce global oversupply. As Laura Frykberg reports, Brent saw the biggest daily percentage decline since early September.
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