Following news over the weekend of cancelled meetings, Saudi dropping out, and disagreement over who will bear the brunt of any cuts, oil prices had faded notably (testing towards a $44 handle). But then, someone unleashed the algo-friendly ‘O’ word and prices spiked… Iraq’s Oil Minister Jabbar al-Luaibi is optimistic a deal will be reached – sending WTOI up close to $47 and into the green from Friday’s close.
The day and week is young, expect the headline hockey to continue.
via http://ift.tt/2fserxr Tyler Durden