Oil Soars on OPEC Plan to Cut Output, Fueling Stocks; Bonds Fall
- Currencies of Canada to Brazil drive gains versus dollar
- Most Asian index futures climb as energy boosts S&P 500
Oil Surges as OPEC Said to Agree on Oil Output Cut
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Oil surged the most since April as OPEC agreed to a preliminary deal that will trim output for the first time in eight years. Stocks climbed, while Treasuries fell.
The rally in crude reverberated across global markets as companies from Exxon Mobil Corp. to Chevron Corp. soared while currencies of oil-exporting nations like Norway and Canada led gains against the dollar. Meanwhile, Treasuries slid on concern that a potential surge in the value of crude oil would imply higher prices at the pump, spurring inflation. Futures on most Asian indexes signaled gains amid the OPEC proposal.