BLOOMBERG.COM
Oil jumped on optimism the Organization of Petroleum Exporting Countries will agree to cut output, while metals rebounded from last week’s losses as the dollar halted its longest winning streak versus the euro. Bloomberg’s gauge of commodities was set for its first back-to-back gains in almost a month. With an OPEC meeting next week in Vienna, Iran’s Oil Minister said it’s “highly probable” members will reach a consensus, according to comments published by the country’s Shana news service. Nickel, copper and zinc joined the rally, as rising miners and energy producers supported European equities. The dollar’s decline versus the euro was its first in 11 days. Treasuries rose, narrowing the yield premium over European bonds.
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Oil jumped on optimism the Organization of Petroleum Exporting Countries will agree to cut output, while metals rebounded from last week’s losses as the dollar halted its longest winning streak versus the euro. Bloomberg’s gauge of commodities was set for its first back-to-back gains in almost a month. With an OPEC meeting next week in Vienna, Iran’s Oil Minister said it’s “highly probable” members will reach a consensus, according to comments published by the country’s Shana news service. Nickel, copper and zinc joined the rally, as rising miners and energy producers supported European equities. The dollar’s decline versus the euro was its first in 11 days. Treasuries rose, narrowing the yield premium over European bonds.
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