OPEC convinces hedge fund managers but must now deliver promised cuts: Kemp | Reuters:
"Hedge funds have amassed a record bullish position in crude oil in anticipation OPEC and non-OPEC oil producers will succeed in rebalancing the market and reducing excess stocks next year.
Fund managers accumulated a net long position equivalent to 796 million barrels in the three main futures and options contracts linked to Brent and West Texas Intermediate by Dec. 13 (tmsnrt.rs/2hQR5PM).
The net position has almost doubled from a low of 422 million barrels four weeks earlier, according to an analysis of data from regulators and exchanges."
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