Oil rallies on OPEC deal; energy leads Wall Street higher

Oil rallies on OPEC deal; energy leads Wall Street higher
 

Oil prices rallied on Wednesday after members of the Organization of the Petroleum Exporting Countries reached an agreement on a production-limiting deal, boosting energy sector shares.
The U.S. dollar was flat versus a currency basket but fell to a near-five month low versus the Norwegian krone NOK=. Norway, although not an OPEC member, is a major crude producer.
Crude oil prices jumped after sources told Reuters that OPEC agreed to reduce its oil output by about 750,000 barrels per day. Country-by-country production is to be decided at the next formal OPEC meeting in November, when an... read more

 
28 September 2016 in World News, Views: 44
Source: Reuters
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