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Saturday, 18 November 2017

Oil Short-Sellers Return as Doubts Loom on OPEC's Horizon - Bloomberg

Oil Short-Sellers Return as Doubts Loom on OPEC's Horizon - Bloomberg:

"Short-selling is rearing its head in the oil market again.

After bullish bets on Brent crude hit a record and futures surged to two-year highs, hedge funds are pulling back with a sense that the rally reached its limit for now. Wagers on lower prices rose by the most since June as Middle East tensions took a backseat, while uncertainty looms over Saudi Arabia’s push to extend OPEC’s output curbs this month.

"We’re at levels where the market appears to have crested," said Gene McGillian, a market research manager at Tradition Energy in Stamford, Connecticut. "Continuing to see supply draw-downs is probably what the next leg of the rally will be predicated on.""



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Saudi Graft Settlements Could Reap Billions - Bloomberg

Saudi Graft Settlements Could Reap Billions - Bloomberg:

"Saudi authorities estimate they may be able to recover as much as $100 billion from settlement talks with suspects detained in an anti-corruption crackdown that has implicated prominent princes, officials and billionaires, a senior official said.

Suspects are offered settlements to avoid trial, the official said on condition of anonymity to discuss the ongoing investigation. If they accept, talks are then carried out by a special committee to work out the details. The talks involve the amounts authorities believe suspects have amassed illegally, not their entire wealth, and authorities estimate the state could recover between $50 billion and $100 billion, the official said.

The purge, which saw royals and billionaires such as Prince Alwaleed bin Talal, shook the kingdom and reverberated through capitals and financial centers as diplomats, bankers and analysts sought to figure out its impact on wealthy clients as well as the struggle for power in the world’s biggest oil exporter."



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