The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, March 21, 2016. REUTERS/Leonhard Foeger
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Speculators became the most bullish on oil since June as a meeting of major producers next month may yield an agreement to cap output.Futures surged 11 percent in two days after Qatar's oil minister said on March 16 that some OPEC members agreed to meet with other producers in April to resume talks on freezing supply. Oil surged more than 50 percent since a mid-February proposal by Saudi Arabia, Russia, Venezuela and Qatar to cap oil output and reduce a worldwide surplus that pushed prices down to the lowest level in almost 13 years.Net bullish bets on Nymex gasoline climbed 15 percent to 33,949 contracts, the highest level in a year, as futures advanced 1.5 percent.Speculators' short positions, or bets that WTI prices will decline, tumbled 20 percent to the lowest since June.
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