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Money mangers increased bets that crude prices will rise by the most since January after OPEC’s president announced a series of informal talks and Saudi Arabia says it’s ready to take action to stabilize markets.
That’s in the wake of all-time high production and bearish bets driving down crude prices to lows of $40 a barrel. In response to this environment, Saudi Arabia’s Energy Minister, Khalid Al-Falih, says the upcoming talks could result in actions to cut oil output to stabilize markets, Bloomberg reports.
Oil bulls pounced on the news. West Texas Intermediate crude jumped 8.3% to $42.77 a barrel as hedge funds pushed up long position bets by 17,154 futures during the week ended Aug. 9. [Bloomberg]
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