Opec deal gives investors biggest lift since slump
New York
INVESTORS are the most optimistic on oil since the slump began two-and-a-half years ago.
Money managers boosted bets on rising West Texas Intermediate (WTI) crude prices to the highest level since July 2014, after the Organization of Petroleum Exporting Countries (Opec) and producers outside the group agreed to coordinate crude production cuts. Prices advanced to a 17-month high on Dec 12 on speculation that the curbs will reduce the global inventory glut next year.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
China’s push for greener aluminium hit by erratic rains, power cuts
Philippines says US, China eyeing mining opportunities, especially in nickel
Gold set for best week in five on renewed US rate-cut hopes
Biden determined to keep US Steel in US hands: White House
Oil holds near one-week high on rising demand hopes after China, US data
India projects biggest power shortfall in 14 years