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This Week’s Market Buzz

• The Organization of the Petroleum Exporting Countries (OPEC) reached a deal to cut back on oil production by 1.2 million barrels per day to raise global prices. OPEC nations currently produce about 33.7 million barrels of oil per day. Under the deal, they’ll bring that down to 32.5 million barrels per day, with Saudi Arabia, Iraq, UAE and Kuwait making the biggest cuts. Global oil prices rose nearly 9 percent on the news, with Brent crude rising from $46 per barrel up to $51 per barrel.

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This Week’s Market Buzz

Republican presidential nominee Donald Trump is stirring unease in the oil and natural gas industry with his remarks about hydraulic fracturing, according to a report from The Hill. Trump supports fracking but said towns and states should be allowed to ban the drilling practice. That position is at odds with industry groups and congressional Republicans, who say the practice is safe and should be permitted nationwide.

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This Week’s Market Buzz

Clayton County, Iowa, supervisors have given initial approval to the expansion of a Pattison Sand Co. sand-mining operation, according to Radio Iowa. The board unanimously voted to rezone 746 acres near Clayton, Iowa, from agricultural to heavy industrial use. The rezoning requires at least one more reading and affirmative board vote to take effect. The board imposed five restrictions, including that the company would be responsible for any water well damage that could be attributed to the mining.

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This Week’s Market Buzz

  • A state appeals court has affirmed a decision blocking a frac sand mine in western Wisconsin, according to a report on Wisconsin Public Radio. The Mississippi Land Connection and Timber Company LLC and Wisconsin Bluff Sands LLC filed an application for a permit for a mine in the town of Waumandee in 2013. The Buffalo County Board of Adjustment denied the application after hearing from experts that little vegetation would grow in the area after the mine closed and from members of the public concerned about potential traffic, declining air quality and declining property values. The 1st District Court of Appeals upheld the board's decision, finding that the board properly considered the mine's environmental impact.

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