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Oil Jumps as OPEC Promises to Restrain Production Through 2018

  • Futures in New York climb to the highest level in a week
  • Hedge funds boost net-bullish Brent oil bets to 3-week high
Bloomberg business news
JPMorgan’s Scott Darling discusses the extension of OPEC’s production cuts, and where he sees prices heading.(Source: Bloomberg)
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Investors liked what they heard from OPEC and lifted crude prices to the highest in a week.

Futures climbed 1.7 percent in New York the day after OPEC and allies including Russia extended supply caps through the end of next year. Significant crude producers Libya and Nigeria came in from the cold, for the first time joining in on an accord that previously let them pump at will. Saudi Arabia and Russia agreed to take the lead in nudging other signatories to conform to the self-imposed output limits.