Oil Speculators Bet Rally's Over as Doubts Grow on Output Freeze
- Hedge funds boost bearish wagers first time in 8 weeks: CFTC
- WTI crude declines as Saudis say output freeze hinges on Iran
Oil Price Is in the Process of Bottoming: SocGen's Juckes
This article is for subscribers only.
Money managers lost faith in oil’s recent rally as doubts grew over whether major producers will be able to agree on an output freeze.
Futures in West Texas Intermediate oil retreated last week for the first time since mid-February. Prices had surged from a low of almost 13 years on a proposal by Saudi Arabia, Russia, Venezuela and Qatar to cap oil output and reduce a global surplus. They’ll meet with other countries in Doha on April 17.