Economics
Oil Rises as Prospects for Deeper OPEC Cuts Take Center Stage
- Hedge fund managers haven’t been this bullish since May: CFTC
- OPEC ministers, allies prepare for important late-week meeting
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Oil rose the most in more than a week as traders sifted for fresh signals of whether OPEC and allied crude producers will tighten supplies when they meet later this week.
Futures settled 1.4% higher in New York on Monday. Iraq has been hinting that the so-called OPEC+ group may shrink output again, contradicting other cartel members insisting deeper cuts are not in the cards. Money managers boosted bets on a price rally to the highest in six months.