Are OPEC Freeze Hopes Frozen?
Oil speculators headed for the sidelines as OPEC members prepare to discuss freezing output in the face of signs the supply glut will linger. Money managers cut wagers on both falling and rising crude prices before talks between OPEC and other producers later this month. The meeting comes after the International Energy Agency said that the global oversupply will last longer than previously thought as demand growth slows and output proves resilient. Hermes Investment Management Chief Executive Officer Saker Nusseibeh discusses with Bloomberg's Anna Edwards on "Countdown."