Oil hits six-week high after OPEC deal, bond yields rise

Oil hits six-week high after OPEC deal, bond yields rise

Oil swept to a six-week high on Thursday, lifting energy shares in its slipstream, after OPEC agreed to cut crude output to clear a glut, while bond yields rose on prospects that resulting inflationary pressures will lead to higher interest rates.

European stocks slipped into the red, however, shrugging off the bounce in Asian shares and following Wall Street’s slight decline the previous day instead.

The Organization of the Petroleum Exporting Countries on Wednesday agreed to its first output cut since 2008, finally taking action after global oil prices fell by more than half in the last two years.

Non-OPEC Russia will also join output reductions for the first time in 15 years. Read More…

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