While you were sleeping: Oil rallies

Mon, 15 May 2017

By Margreet Dietz May 16 (BusinessDesk) - Wall Street advanced, sending the S&P 500 and the Nasdaq to record highs, as oil prices climbed after the world’s top producers suggested they’re looking to extend a deal on global output cuts. Oil futures rallied as Saudi Energy Minister Khalid Al-Falih and his Russian counterpart, Alexander Novak, met in Beijing and said that an agreement on production cuts should be extended through the first quarter of 2018. "When Saudi Arabia and Russia come out together it sends a very strong signal to...

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