Oil market 'bears' not as ferocious as rumored

Oil traders seem to be on a bear hunt these days. Or maybe it's a snipe hunt.Phantom signs of market bears keep popping up among the members of the Organization of Petroleum Exporting Countries.Oil markets were roiled in mid-July with spurious reports that Nigeria was about to bolt OPEC.Compounding these concerns were reports that Venezuela would cast aside its production restraint altogether, resuming its maverick stance prior to the 1999 assumption of power by President Hugo Chávez-also later discounted.OPEC mavericks?The local newspaper report about Nigeria pulling out of OPEC was refuted by government officials. However, those same government officials claimed Nigeria recei...

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