Contrarian Investor: Why I am cynical on latest OPEC deal

Contrarian Investor: Why I am cynical on latest OPEC deal

It is time to head back to the combustible subject of oil. Regular readers of this column will know that back in early September, I predicted a messy demise for the commodity.

Obviously, my much earlier prediction that oil might bottom out at $20 a barrel was more than a little off the mark, but just a few weeks back I lambasted the frankly risible idea OPEC might actually get its act together. However, I was proved wrong last month when OPEC announced its intention to cut production to 32.5-33mbd vs the baseline production reported in August (33.24 mbd), and the Russians look like they might sign up too.  Obviously, I would hate to be the paid-up party pooper, but I would argue that not only will this deal fail, but the geopolitical - and thus investment -...

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