Oil headed for a third weekly gain as the U.S. imposed fresh sanctions on Iran after a missile test and OPEC reached about 60 percent of its output-cut target. Futures rose as much as 1.3 percent in New York.
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Oil Falls as Growth in U.S. Drilling Offsets OPEC Output Cuts
Oil fell for the first time in four days as rising U.S. drilling activity fanned speculation that OPEC production cuts could boost North American output. Futures dropped as much as 3.2 percent in New York.
Investors Betting on Oil Price Drop Flee as Production Cuts Near
Oil investors seem to have less reason to doubt that OPEC and other producers will make the cuts needed to balance the market. Money managers trimmed bets on falling West Texas Intermediate crude prices to the lowest level since August 2014 as the Organization of Petroleum Exporting Countries and other crude-exporters prepare to start curbing output in January.