Another day, another strategically timed headline meant to trigger an HFT algo momentum ignition spike, and sure enough oil explodes higher, even though as Goldman explained yesterday, even an OPEC freeze will do nothing for actual production.
This hit from Reuters, which once again relies on “anonymous sources” to generate the primary source of Reuters revenue: FX volatility, in this case in the CAD.
- IRAN SENDING POSITIVE SIGNALS THAT IT MAY SUPPORT JOINT ACTION TO PROP UP OIL MARKET – SOURCES IN OPEC, OIL INDUSTRY
and then this happened:
Yuuuge volume too, which suggest that this is just the latest headline triggered squeeze.
via http://ift.tt/2bf2fZY Tyler Durden