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Oil Trades Near $31 After Saudi-Venezuela Talks as Bets Increase

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Oil traded near $31 a barrel after Saudi Arabia and Venezuela met to discuss cooperating to stabilize the market and U.S. data signaled investors are split on the direction for prices.

Futures rose as much as 0.9 percent in New York, trimming last weeks 8.1 percent drop. Saudi Arabian Oil Minister Ali al-Naimi met with his Venezuelan counterpart on Sunday in Riyadh, the Middle East nations petroleum ministry said in a statement, without elaborating on steps required to shore up the market. Speculators short positions on crude were near a record while longs were at the highest since June, lifting total wagers to unprecedented levels, data from the U.S. Commodity Futures Trading Commission show.

http://www.bloomberg.com/news/articles/2016-02-08/oil-trades-near-31-as-venezuela-meets-saudi-arabia-on-market

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