(Bloomberg) -- Oil pessimists are sticking to their guns even after the market rallied against them in the aftermath of OPEC's output deal.
Eighteen of 32, or 56 percent, of analysts, traders and brokers surveyed by Bloomberg Thursday were bearish. That's up from 50 percent of respondents a week earlier.
Futures in New York have jumped by more than $5 a barrel since the Organization of Petroleum Exporting Countries agreed last week to cut production, climbing above $50 for the first in over three months. OPEC, which pumped at a record in September, is scheduled to decide on member quotas at a meeting in Vienna on Nov. 30. Prices have also rallied as U.S. crude supplies fell 26.1 million barrels to 499.7 million in the past five weeks, according to Energy Information Administration data.
“There's a lot of skepticism about this OPEC agreement,” said Paul Crovo, a Philadelphia-based oil and equity analyst at PNC Capital Advisors. “There's not trust that anything will be enforced because they have such a spotty history of compliance.”
Saudi Arabia led OPEC to adopt a pump-at-will policy in November 2014, which led to the abandonment of the group's production target. Members routinely exceeded their quotas, which sent global inventories higher as prices dropped.
To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net. To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Carlos Caminada, Steven Frank
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