WTI Tumbles To $21 Handle After Saudis Crush Hopes Of Russia Detente

While oil prices were already sliding, headlines from the Saudis that there are no talks with Russia ongoing sent prices tumbling with WTI back to a $21 handle…

“There have been no contacts between Saudi Arabia and Russia energy ministers over any increase in the number of OPEC+ countries, nor any discussion of a joint agreement to balance oil markets,” the Saudi Ministry of Energy said in a statement.

Not pretty…

The last three months have been quite a ride for crude…

Maybe The Bank of Canada and The Fed should start buying (and storing) oil?