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Oil Jumps Most Since February on OPEC Deal as Treasuries Retreat

  • Exxon, Chevron climb as energy shares rally around the world
  • Private jobs data bolsters dollar while S&P 500 edges lower
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Is OPEC Back After Oil Production Cut Deal?

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Crude oil surged as OPEC ministers forged a deal to reduce production, igniting a rally in global energy stocks. Meanwhile, Treasuries fell and the dollar extended its advance as a private report showed U.S. companies hired faster than was forecast in November.

Oil prices rallied the most in nine months as major producers agreed to cut output for the first time in eight years. Exxon Mobil Corp. and Chevron Corp. climbed as a measure of energy stocks globally jumped the most since January. Goldman Sachs Group Inc. also advanced, while losses in utilities and technology shares weighed on the S&P 500 Index. The dollar rebounded, reaching an eight-month high versus the yen as gold slid and 10-year Treasury yields gained nine basis points. Industrial metals resumed their rally.