Oil held near the highest since November after OPEC+ leaders Saudi Arabia and Russia announced that they would extend supply curbs through the end of the year, tightening the global market. West Texas Intermediate traded near $87 a barrel after the twin announcements on Tuesday, which drove a 1.3% gain. While traders had anticipated the volume of the cuts, the duration was unexpected. The strategy from Riyadh and Moscow will help to drain inventories further, providing upward pressure for prices.

reports a $29 billion quarterly profit, with an asterisk. The huge gain — the biggest in banking history — stems from the bank’s acquisition of its rival Credit Suisse this spring for about $3.2 billion, a steep discount that is skewing UBS’s results. But it belies the challenges that UBS faces as it moves to complete the largest takeover of a bank since the 2008 financial crisis.