Oil Jumps Most in Seven Months as OPEC Members Seen Pushing Deal
- Qatar, Algeria, Venezuela said to lead effort to secure cuts
- Bets on lower WTI crude prices climb most since May 2012: CFTC
BP's Dudley Says Oil Supply and Demand Generally Balanced
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Oil surged the most in seven months as OPEC members were said to be making a final diplomatic push toward securing a deal to cut output.
West Texas Intermediate oil rose 5.8 percent on Tuesday, rebounding from an eight-week low. Qatar, Algeria and Venezuela are leading the effort to finalize a deal, a delegate familiar with the talks said. Speculators raised short positions, or bets on lower prices, by the most in more than four years in the week ended Nov. 8, Commodity Futures Trading Commission data show. U.S. crude supplies probably rose last week, according to a Bloomberg survey before a government report Wednesday. Industry data showed a gain Tuesday.