(Bloomberg) Hedge funds really wanted the Doha oil summit to work.Money managers kept wagers on rising prices near a nine-month high in the days leading up to Sunday’s meeting of oil producers.
Then the negotiations between OPEC members and other producers ended without a deal to limit output after Saudi Arabia and other Gulf nations wouldn’t agree to any accord unless all members of the oil-exporter group joined, including Iran. U.S. crude futures in New York tumbled as much as 6.8 percent to $37.61 a barrel on Monday.
