Oil Investors Ease Back as Market Steadies Before OPEC Talks
- Wagers on falling WTI prices decline to lowest since May
- WTI held above $50 a barrel after reaching 15-month high
Russia, Iraq Put Downside Pressure on OPEC, Markets
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Oil investors are playing it safe as OPEC hammers out the details of a deal to trim output.
Money managers reduced bets on falling prices to the lowest since May as oil held above $50 a barrel, prolonging a rally that began when the Organization for Petroleum Exporting Countries announced a deal to cut production to between 32.5 million and 33 million barrels a day. The group plans to finalize the agreement at a meeting in Vienna on Nov. 30.