OPEC Deal Makes Oil Investors Most Bullish Since Slump Began
- Net-long position climbs to highest since July 2014: CFTC
- OPEC, non-OPEC agree to trim almost 2 million b/d next year
Why Are Markets Skeptical About OPEC Deal?
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Investors are the most optimistic on oil since the slump began two and a half years ago.
Money managers boosted bets on rising West Texas Intermediate crude prices to the highest level since July 2014 after the Organization of Petroleum Exporting Countries and producers outside the group agreed to coordinate crude production cuts. Prices advanced to a 17-month high on Dec. 12 on speculation that the curbs will reduce the global inventory glut next year.