ACCEPTABLE OIL PRICE: $50
A deal between Saudi Arabia and Russia to freeze oil output failed to stem the biggest drop in bullish bets since July.
The agreement reached Feb. 16 isn't going to revive crude prices, according to Goldman Sachs Group Inc. Iran said it supported the deal, without saying whether it would temper its own production. A ban on Iran's oil exports was lifted last month when the Persian Gulf country completed the conditions of a nuclear deal with world powers.
"This agreement is not going to do anything in terms of reducing the surplus," said Bart Melek, head of commodity strategy at TD Securities in Toronto. "Iran…
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