Apr
18
Doha Failure Exposes Hedge Funds That Were Betting on Oil Freeze
By-
Output talks fail amid Saudi demands that Iran join freeze
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Crude up more than 30% after mid-February preliminary deal
Hedge funds really wanted the Doha oil summit to work.
Money managers kept wagers on rising prices near a nine-month high in the days leading up to Sunday’s meeting of oil producers.
Then the negotiations between OPEC members and other producers ended without a deal to limit output after Saudi Arabia and other Gulf nations wouldn’t agree to any accord unless all members of the oil-exporter group joined, including Iran. U.S. crude futures in New York fell 1.4 percent to $39.78 a barrel after touching $37.61 earlier Monday…
Doha Failure Exposes Hedge Funds That Were Betting on Oil Freeze