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Oil bulls prepare for re bearish blow after OPEC meeting

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Hedge funds betting that the OPEC meeting this week will bring new bearish impact on crude oil.

Analysts expect a repeat of this year, the group met on 04 December in Vienna. Iran said it will announce plans to expand its production during the meeting.

The net-long position of speculators in WTI dropped from 24.311 to 96.521 contracts, futures and options combined, the lowest since August, according to the CFTC.

Short positions increased by 6.4% to 164,102, the most since March.

E.Dimitrov JrTrader


 Varchev Traders

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