It has become a daily farce.
Having soared above yesterday’s highs on the Iraqi’ deputy oil minister’s comments on renewed production freeze meetings, not even 10 minutes later Russia immediately poured cold water all over it:
- RUSSIA SAYS NO AGREEMENT ON OIL MEETING IN MAY IN RUSSIA
But no reaction in crude as the HFT algos’ upward momentum has already been ignited, which was the only purpose behind the leak in the first place… as $43 stops taken out
Stocks likewise continue to surge.
Which is funny, because seconds before Noval issued his rejection, we tweeted the following:
When Iraq says “major oil producers” will meet in Russia it means Iraq, Venezuela and Ecuador. Not even Russia will be present.
— zerohedge (@zerohedge) April 20, 2016
Following promptly by this: RUSSIAN ENERGY MINISTER NOVAK SAYS HAS NO INFORMATION ABOUT MEDIA REPORTS ON OPEC MEETING IN RUSSIA IN MAY
via http://ift.tt/1SZt3w5 Tyler Durden