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LONDON – Portfolio investors continued to buy crude oil futures and options heavily for a second week after OPEC+ cut its production target more than expected.

OPEC+ cuts lure funds back into oil market: Kempoil and Gas 360

Source: Reuters

Hedge funds and other money managers bought the equivalent of 47 million barrels of oil-related futures and options in the week ended Oct. 11.

The purchases came after OPEC+ announced on October 5 that the group would cut its combined production target by 2 million barrels per day from November.

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