In the lead up to OPEC’s meeting this week, investors were playing a waiting game.
Hedge fund wagers on the direction of crude prices barely budged, and an obscure decision on Friday didn’t do much to dispel the uncertainty. While prices jumped with the adoption of a smaller-than-expected production increase, it’s still unclear how much more supply will be poured into the market, and which countries will be responsible for it.
“This is a market lacking conviction, leadership and any sense of what’s going to happen next,” said Walter Zimmermann, chief technical analyst at ICAP-TA. “If anything, we’re ending the day with more questions than we began the day with.”
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