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Oil Bulls Snap Out of Funk But OPEC Doubts Still Loom Large
Oil optimists are back. They’re just not betting the ranch on a rally yet. Hedge funds added the most weekly wagers on rising West Texas Intermediate crude prices since February, with short-sellers on a steady retreat. Whether the improving mood sticks will depend largely on OPEC, whose members are gathered in St. Petersburg. “Everybody is still operating off of OPEC’s mantra that it will do whatever it takes to get global inventories down,” Rob Thummel, managing director and portfolio manager at Tortoise Capital Advisors LLC, which manages $16 billion in energy-related assets, said by telephone.