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Here are five things you must know for Monday, Nov. 21:
1. -- U.S. stock futures rose and global shares traded higher Monday as oil prices rallied and Wall Street awaited a speech from a key Federal Reserve official.
The economic calendar in the U.S. on Monday is bare but Fed Vice Chairman Stanley Fischer is scheduled at 8 a.m. EST to discuss monetary policy, inflation rates and the U.S. economic outlook at the Council on Foreign Relations in New York.
An interest rate hike from the Fed in December looks likely, according to Wall Street pundits, with any doubt after Donald Trump's recent election as U.S. president quickly evaporating. The chances of a rate hike next month currently sit at 90%, according to CME Group fed funds futures.
2. -- Oil prices rose sharply Monday after Iraqi and Iranian officials offered hope that OPEC would deliver a promised production cut at a meeting next week in Vienna.
Crude oil in the U.S. rose more than 2% to $47.31 a barrel. Brent crude, which is used to price international oils, rose 1.966% to $47.78 a barrel in London.
Iran's oil minister Bijan Zangeneh said it was "highly probable" that OPEC members will reach agreement on the production cuts, according to quotes published over the weekend by Iran's state-backed oil news service Shana. On Monday, Iraq's Oil Ministry said its nation's "demands should not be perceived as an obstacle to reaching a new agreement."