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Oil surges to 1 1/2-year high, Fed rate increase looms

Oil prices surged to their highest since mid 2015 and U.S. Treasury yields hit a more than two-year peak on Monday after the world’s top crude producers agreed to cut output.

Coming at the start of a week when the United States is expected to raise interest rates for the only the second time since the global financial crisis, the weekend agreement between Organisation of Petroleum Exporting Countries and key non-OPEC states set the markets alive.

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