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).
- *PUTIN ASKS OIL COS IF THEY’RE WILLING TO FREEZE 2016 OUTPUT
- *PUTIN: RUSSIA IN TOUCH W/ OTHER PRODUCERS ON MKT STABILIZATION
- *PUTIN SAYS GLOBAL OIL MKT PRESSURED BY SPECULATORS
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.
via Zero Hedge http://ift.tt/1ngga7G Tyler Durden