A surging US dollar on the foreign exchange market has encountered one obstacle — in the form of pound sterling.
Saudi Arabia, Iran and Iraq, Opec’s most powerful members, were scrambling on Tuesday to rescue a deal to curb supplies and end the longest price decline in a generation.
Years of ultra-low interest-rate policies by the US Federal Reserve have led to some head-scratching distortions, with US utilities commanding high price-to-earnings ratios.
Rising doubts that Opec will forge a pact to curb output at a meeting this week has sent market expectations for turbulence in oil prices climbing to the highest level.
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