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Hedge Funds Are Turning Into OPEC Skeptics

  • Bets on higher WTI oil prices drop most in two years: CFTC
  • U.S. crude stockpiles rise by record 14.4 million barrels: EIA
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Saudi Arabia Holds Upper Hand as OPEC Seeks a Deal

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Oil investors are growing more doubtful that OPEC can seal a deal.

Money managers reduced bets on higher oil prices by the most since July 2014 after the group failed to agree on country quotas in talks on Oct. 28 in Vienna. The rally following the Organization of Petroleum Exporting Countries’ preliminary deal in late September has disappeared as questions mount about whether OPEC can implement the first supply cuts in eight years at its Nov. 30 summit.