(Bloomberg) — Oil doubters got a surprise from Saudi Arabia on Friday: a pledge of deeper production cuts that sent futures surging for their best week since June.Hedge funds didn’t see that coming as they slashed net-bullish wagers on West Texas Intermediate crude by 24% in the days leading up to the OPEC meeting in Vienna, data released Friday show. Futures ended the week 7.3% higher in New York, closing above $59 a barrel for the first time since the aftermath of an attack on Saudi premises in September.Money managers “didn’t know that this OPEC decision was coming,” Rob Haworth, …read more
Source:: Yahoo Finance
