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.
Just as Reuters' John Kemp warned, it seems the *hedge funds have abandoned OPEC*. In the good ol' days (of the last year), one mention of production cut deal... Zero Hedge - MarketsAlso reported by •OilPrice.com
While the United States continues its trend to add output of oil in an effort to counteract strong economic growth in China and OPEC efforts to cut production,... WorldNews - Front PageAlso reported by •Reuters India
Iran will likely be allowed to maintain its current oil production levels should OPEC decide next month to extend the output cut deal for another six months,... OilPrice.com - MarketsAlso reported by •Reuters •Sify
LONDON (Reuters) - An OPEC and non-OPEC technical committee recommended that producers extend a global deal to cut oil supplies for another six months from June,... Reuters India - Front PageAlso reported by •Sify
Oil prices limped higher overnight as *desperate jawboning of OPEC production cut deal extensions by the Saudis *supported a recovery from yesterday's... Zero Hedge - MarketsAlso reported by •OilPrice.com