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Oil surges after output cuts, strong dollar weighs


  • HONG KONG Oil prices jumped to their highest levels in a year and a half on Monday after OPEC and non-OPEC producers agreed to cut oil output to ease a global glut, while the U.S. dollar extended gains before a Federal Reserve meeting this week, at which a rate hike is widely expected.
  • "We have seen OPEC and non-OPEC producers agreeing, which is also boosting reflation expectation around the world," said Chris Weston, an institutional dealer with IG Markets.In another sign of the reflation trade, breakeven rates - the gap between yields of five-year U.S. debt and a matching tenor in inflation-protected securities was at two-month highs, indicating markets are expecting inflation to accelerate.
  • "Though MSCI's broadest index of Asia-Pacific shares outside Japan was broadly flat after posting its biggest weekly rise in nearly three months last week, energy plays in Hong Kong and Shanghai such as CNOOC and PetroChina were among the top gainers.Despite the bounce in some Asian stocks, broad investor sentiment remained cautious from a flows perspective with data showing a pick up in outflows from emerging markets and inflows toward U.S. markets, according to Jefferies analysts.


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