Market wrap: oil rebounds 2.8% on OPEC comments - Westpac

Analysts at Westpac offered a market wrap.

Key Quotes:

"Global market sentiment: A quiet night newswise left US interest rates and the US dollar unchanged, although AUD and NZD extended recent gains. Oil rose 2.8% on OPEC comments, and iron ore rose 1.5% to a two-year high.

Nov 30th OPEC meeting's tentative schedule released

Interest rates: Markets returned from Thanksgiving for a shortened trading session and bought US treasuries, the 10yr falling from 2.41% to 2.35%. The 2yr yield fell from 1.17% to 1.12%. Fed funds futures continued to imply a 100% chance of a rate hike in December.

Currencies:  The US dollar index bounced back to where it was trading 24 hours ago. EUR fell from 1.0660 to 1.0564. USD/JPY rose from 112.00 to 112.80. AUD extended yesterday’s rally to 0.7494 (11-day high) and then consolidated. NZD similarly pushed higher to 0.7102 and then rested. AUD/NZD rose from 1.0540 to 1.0595."