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Oil Futures Rebound From Five-Year Low After OPEC Slump

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West Texas Intermediate rebounded from the lowest level in more than five years as the market selloff prompted by OPEC’s failure last week to curb production took a pause.

Futures in New York rose the most in more than two years and Brent jumped 3.4 percent in London. Both grades had their biggest monthly loss in November in almost six years after the Organization of Petroleum Exporting Countries signaled it will leave it to the market to curb a glut. Current prices are no guarantee of a significant drop in U.S. shale output, Iran’s Oil Minister Bijan Namdar Zanganeh said in a Nov. 28 interview.