Crude soars as output deal weighs on bonds; China shares tumble

The price of crude oil soared to the highest level in more than a year after Saudi Arabia signaled that it would reduce production by more than previously agreed.

BY DAVID GOODMAN AND EMMA O'BRIEN, BLOOMBERG

Crude oil surged to the highest in 17 months amid efforts to cut production, pushing up the outlook for global inflation and sending 10-year Treasury yields above 2.5 percent for the first time since October 2014. Chinese equities tumbled.

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