Oil Bulls Rewarded as Crude Surges After OPEC Output Accord
- Investors boosted bets on rising prices by most since January
- Oil rallied most in five months after OPEC announced agreement
Scaroni: Iran Has Ability to Increase Oil Production
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Oil investors’ bullish bets on last week’s OPEC meeting paid off.
While most analysts weren’t expecting a deal, money managers increased wagers on rising prices by the most since January ahead of the Organization of Petroleum Exporting Countries’ talks in Algiers. Oil capped the biggest monthly gain since April after the group announced Sept. 28 an agreement to limit production for the first time in eight years.