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OPEC Deal Extension Isn't Enough to Rope in Crude-Oil Bulls 

June 5, 2017

Joel Carroll & Jessica Summers, Bloomberg Markets

"The good news from OPEC wasn’t good enough.

Hedge funds trimmed bets on rising crude prices to the lowest level since November as oil futures dipped below $50 a barrel amid skepticism an OPEC-led campaign to cut output will soon curb a worldwide supply glut. Speculators also fled bearish positions for a second week.

During the reporting period, the Organization of Petroleum Exporting Countries and its partners extended their existing cuts by nine months. Traders rooting for deeper or longer curbs were disappointed, and prices suffered their steepest weekly decline in a month.

“The market wants to see it before it believes it,” said Mike Wittner, head of commodities research at Societe Generale SA in New York"

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