Earlier in the day, ADP’s Employment report on job creation in the private sector arrived hotter than expected as businesses created 208,000 jobs in September, versus consensus estimates for 200,000, and 12% higher than August’s 185,000 total. And OPEC rocked energy markets by reducing oil production by two million barrels. Brent crude oil, a widely watched measure of energy markets, is now trading at nearly $94 a barrel less than a month after dipping to about $82, a 14% gain that could foreshadow additional increases and keep prices stubbornly high.
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