Opec deal makes oil investors most bullish

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Opec secretary general Mohammed Barkindo. Photo: AFP
Opec secretary general Mohammed Barkindo. Photo: AFP

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 crude prices to the highest level since July 2014 after the Organisation of Petroleum Exporting Countries (Opec) and producers outside the group agreed to coordinate crude production cuts.

Prices advanced to a 17-month high on December 12 on speculation that the curbs will reduce the global inventory glut next year.

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