01.06.2015 - Speculators Temper Crude-Oil Wagers Before OPEC Meets on Output
Speculators retreated from both bullish and bearish wagers on crude-oil prices before OPEC ministers meet to determine their output for the next six months. With bearish bets on West Texas Intermediate falling at a faster pace than bullish holdings, the net-long position rose for the first time in three weeks, U.S. Commodity Futures Trading Commission data for the seven days ended May 26 show. OPEC will keep favoring market share over prices when it meets in Vienna on June 5, according to all but one of 34 analysts and traders surveyed by Bloomberg. Saudi Arabia and other members of the Organization of Petroleum Exporting Countries have been pumping above the group’s output target for months, seeking to drive out higher-cost producers........................................Full Article: Source
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