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
The post Oil rallies on OPEC deal; bonds end dismal November
| Reuters appeared first on Firstpost.
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.
Authored by Tsvetana Paraskova via OilPrice.com,
*It’s been six months now that oil prices have been reacting to OPEC,* first to the possibility of an... Zero Hedge - MarketsAlso reported by •Eurasia Review •OilPrice.com
KUWAIT (Reuters) - A joint committee of ministers from OPEC and non-OPEC oil producers recommended extending by six months a global deal to reduce oil output, it... Reuters - BusinessAlso reported by •Reuters India
The recent drop in oil prices, which has almost wiped out the price gains since OPEC announced its supply-cut deal, is coming just ahead of the spring season... OilPrice.com - MarketsAlso reported by •Wall Street Journal