(Bloomberg) — Oil rebounded from the biggest weekly loss since early October after Iraq signaled OPEC and its allies will consider deeper production cuts at its meeting later this week, contrary to indications from the group.Futures surged as much as 1.9% in New York after plunging 5.1% on Friday, the largest loss in more than two months. The reduction could be about 400,000 barrels a day, Iraq’s oil minister Thamir Ghadhban told reporters in Baghdad on Sunday, adding that the nation complied with its commitments to lowering output last month. A gauge of China’s manufacturing sector jumped unexpectedly in November, …read more
Source:: Yahoo Finance
