Citi: Don’t Expect OPEC To Extend Production Cuts

Citigroup predicts that companies planning to profit off of an OPEC deal extension next month are setting themselves up to be disappointed. So far, most hedge funds bet that Brent futures will rise as a result of an agreement extension that will extend 1.2 million barrels per day worth of cuts through 2018. The bloc’s November 30th meeting in Vienna may not deliver its public promises though, the bank says. “There is an exuberance in the market about there being a done deal to extend through the end of 2018 and I think there’s…