New York — Oil investors seem to be the only ones disinterested in Donald Trump’s election. Money managers raised bets on falling oil prices by the most in more than four years in the week leading up to Trump’s surprise presidential win, amid waning belief in the Organisation of the Petroleum Exporting Countries’ (Opec’s) ability to meaningfully cut production. Opec members are due to meet on November 30 to finalise a deal to curb output. Failure to reach one may send oil lower amid "relentless global supply growth", the International Energy Agency (IEA) said last week. "The market is focused on the Opec meeting," said Mike Wittner, head of oil-market research at Societe Generale in New York. "It’s looking like the obstacles to an agreement are getting bigger, with both Iraq and Iran raising new issues." The rally that followed Opec’s preliminary deal, reached in Algiers on September 28, has evaporated, sending speculators scrambling. A surge in West Texas Intermediate (WTI) short p...
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