BLOOMBERG.COM
The good news from OPEC wasn’t good enough.
The good news from OPEC wasn’t good enough.
Hedge funds trimmed bets on rising crude prices to the lowest level since November as oil futures dipped below $50 a barrel amid skepticism an OPEC-led campaign to cut output will soon curb a worldwide supply glut. Speculators also fled bearish positions for a second week.
During the reporting period, the Organization of Petroleum Exporting Countries and its partners extended their existing cuts by nine months. Traders rooting for deeper or longer curbs were disappointed, and prices suffered their steepest weekly decline in a month.
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