New York - The longer OPEC and other producers talk about a ceiling on crude output, the more doubts grow in the market.
Money managers increased wagers on falling prices by the most in three months as a meeting between Russia and Saudi Arabia ended without specific measures to support prices. Producers have pledged to discuss action in Algiers later this month.
"The more they talk, the less people listen," said Michael D. Cohen, an analyst at Barclays Plc in New York. "If you look at the actual statements from the Saudis, there’s not a lot of enthusiasm.