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Opec may have done the world a good turn for once: It is not often that the interests of an industry cartel and the global

2016-12-01 00:53:07

Opec may have done the world a good turn for once: It is not often that the interests of an industry cartel and the global environment are aligned, but the Opec agreement to limit oil production may prove to be just one. The agreement, for the first cut in eight years, had an immediate impact on the oil market. The benchmark Brent crude rose by about 8 per cent to more than $50 a barrel. Since the dollar has been strengthening this year – it touched a 14-year high earlier this month – the underlying rise in the price of oil has been even greater.

Source: www.independent.co.uk

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