The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured behind a traffic sign at its headquarters in Vienna, Austria, May 30, 2016. REUTERS/Heinz-Peter Bader
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Oil speculators headed for the sidelines as OPEC members prepare to discuss freezing output in the face of signs the supply glut will linger. Money managers cut wagers on both falling and rising crude prices before talks between OPEC and other producers later this month. Oil climbed 7.5 percent in August after OPEC announced talks in the Algerian capital.OPEC production rose last month as Middle East producers opened the taps, the IEA said.Net-long positions in Brent crude increased by 8,192 contracts, or 2.3 percent, to 359,173, according to ICE Futures Europe.In other markets, net-bullish bets on gasoline rose 82 percent to 20,310 contracts as futures increased 4.6 percent in the report week. Net-long wagers on ultra-low sulfur diesel tumbled 57 percent to 4,233 contracts.
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