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Oil price rally likely short-lived as OPEC deal not enough to reduce glut

“The cut by OPEC will be largely offset by increases in U.S. production where the rig count has already increased,” said India Oil Corp's Director of Finance A K Sharma. Higher oil prices and lower production costs are encouraging

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Oil price rally likely short-lived as OPEC deal not enough to reduce glut

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Jobless claims rise to five-month high

WASHINGTON, Dec 1 (Reuters) – – The number of Americans filing for unemployment benefits rose more than expected last week, hitting their highest level in five months, but the underlying trend remained consistent with a strengthening labor market. Initial claims for state unemployment benefits increased 17,000 to a seasonally adjusted 268,000 for the week ended Nov. 26, the Labor Department said on Thursday. Despite the increase, claims remained below the 300,000 threshold, which is associated with a healthy…

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Jobless claims rise to five-month high