Oil Caps Biggest Monthly Gain Since April After OPEC Output Pact
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OPEC Freeze May Raise Valuation Expectations: Foley
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Oil advanced, adding to the biggest monthly gain in five months, after OPEC agreed to its first output cut in eight years on Wednesday.
Futures climbed 0.9 percent in New York as equities rose and the dollar retreated against its peers, bolstering the appeal of commodities. Crude surged 7.9 percent this month, providing the first September increase since 2010. Oil surged the most in more than five months after the announcement of the deal, which will see the Organization of Petroleum Exporting Countries reduce production to a range of 32.5 million to 33 million barrels a day.