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Oil Bulls Leap Into Market as OPEC Supply Accord Spurs Rally

  • Bets on rising WTI price reach highest level since 2014: CFTC
  • OPEC agreed on Sept. 28 to first production cut in eight years
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Oil Bulls Jump in After OPEC Deal

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OPEC’s first deal to cut output in eight years has spurred a running of the oil bulls.

Prices surged, breaching $50 a barrel, since the Organization of Petroleum Exporting Countries agreed to the cut on Sept. 28 in Algiers. The group, which pumped at a record in September, will decide on quotas for its members at an official meeting in Vienna on Nov. 30. Futures also got a boost from a five-week stretch of falling U.S. crude stockpiles.