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.
The majority of OPEC members are in favor of the cartel extending the oil production cuts, but a final decision will be made at the highly-anticipated meeting on... OilPrice.com - MarketsAlso reported by •Reuters India
Short bets on Brent crude jumped by the most since June last week, signaling the return of uncertainty that OPEC will agree to extend the oil production cut deal... OilPrice.com - MarketsAlso reported by •Reuters