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Funds lose faith in rally as Opec seen boosting supply

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Opec has become more unified about keeping its output target because prices are now rising, Kuwaiti oil minister Ali Al-Omair said last week.

New York

SPECULATORS are losing faith in the oil rally, judging that Opec will keep increasing supply from the highest level since 2012.

Their net-long position in West Texas Intermediate crude dropped 2.1 per cent, as long wagers fell the most in two months and short bets declined