OPEC Wins Investors Back as Cuts Prompt Record Bets on Oil
- Money managers’ WTI net-long position reaches all-time high
- OPEC achieves 90% compliance with production-curbs target: IEA
OPEC's Barkindo Demands 100% Compliance on Output Cuts
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OPEC has never taken supply cuts so seriously, and hedge funds are loving it.
Investor optimism that West Texas Intermediate oil prices will rise reached an all-time high as the Organization of Petroleum Exporting Countries delivered on pledges to reduce production. The International Energy Agency said the group has achieved a record 90 percent initial compliance with an output accord. The U.S. benchmark has traded between $50.71 and $54.34 since Jan. 10 as balancing forces -- the OPEC curbs and the U.S. shale boom -- have kept volatility to a minimum.