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Oil investors shrug off US vote

Money managers raise bets on falling oil prices by the most in 4 years in the week leading up to Trump's win

Published Tue, Nov 15, 2016 · 09:50 PM
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New York

OIL investors seem to be the only ones uninterested in Donald Trump's election. Money managers raised bets on falling oil prices by the most in more than four years in the week leading up to Mr Trump's surprise win, amid waning belief in the Organization of the Petroleum Exporting Countries' (Opec) ability to meaningfully cut production.

Opec members are due to meet on Nov 30 to finalise a deal to curb output. Failure to reach one may send oil prices lower amid "relentless global supply growth", the International Energy Agency (IEA) said on Nov 10.

"The market is focused on the Opec meeting," said Mike Wittner, head of oil market research at Societ…

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