OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. Hedge funds have amassed a record bullish position in crude oil in anticipation OPEC and non-OPEC oil producers will succeed in rebalancing the market and reducing excess stocks next year. Fund managers accumulated a net long position equivalent to 796 million barrels in the three main futures and options contracts linked to Brent and West Texas Intermediate by Dec. 13 ( tmsnrt.rs/2hQR5PM ). The net position has almost doubled from a low of 422 million barrels four weeks earlier, according to an analysis of data from regulators and exchanges. Hedge funds raised the number of bullish long positions betting on a rise in oil prices by 148 million barrels in the course of four weeks. Over the same period, the number of bearish […]