OPEC Skeptics Flee as Production Cut Rockets Oil Past $50
- Producers make biggest move in 6 years to lock in prices: CFTC
- OPEC’s Nov. 30 accord spurs WTI futures to 16-month high
Non-OPEC Producers Join Deal to Cut Production
This article is for subscribers only.
Investors skeptical that OPEC would cut output fled the market after the group came to an agreement.
Money managers slashed bets on lower West Texas Intermediate crude prices by the most in five years after OPEC’s Nov. 30 accord to reduce supply. The deal sent futures to a 16-month high, which some U.S. shale producers used as an opportunity to hedge their own output. Prices are extending gains this week after Saudi Arabia signaled Saturday it would make deeper cuts than expected just after Russia and other non-OPEC countries pledged to curtail production next year.