With overnight weakness in data sparking hype that moar stimulus is coming, and therefore juicing demand for oil, crude prices spurted above $34.50 this morning (after the NYMEX close banging yesterday). However, the last few minutes have seen the machine slam WTI back into the red after Putin said he would ask Russian oil producers if they will freeze production (at record levels).
We presume the market was pricing in this as a done deal…
Or simply did the math that freezing production at record levels in a world beset by slumping growth is not a positive.
Leave A Comment