Oil bets are biggest in 9 years amid OPEC, Trump volatility - BBG

The latest US Commodity Futures Trading Commission (CFTC) data revealed that the money managers, producers and consumers placed the biggest bets on West Texas Intermediate (WTI) crude prices in nine years, in response to indications that more volatility is expected ahead of the OPEC meeting, Bloomberg reports.

The CFTC report showed that wagers on higher and lower prices held by speculators and hedgers reached 1.47 million contracts in the week ended Nov. 15, the most since 2007. Trading volume of calls giving investors the right to purchase WTI futures surged to a record that day. The CBOE Crude Oil Volatility Index reached the highest since April.

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