Despite a denial by the Russians, and now an outright statement that Russia "doubts any freeze deal is possible in the foreseeable future," crude prices are surging as momo algos jump on every headline!
As The FT reports,
This is just becoming a farce now... Having soared above yesterday's highs on the Iraqi' deputy oil minister's comments on renewed production freeze meetings, Russia has poured cold water all over it... RUSSIA SAYS NO AGREEMENT ON OIL MEETING IN MAY IN RUSSIA
But no reaction in crude...
Or stocks...
Just as we tweeted seconds before...
Perhaps upset at the weekend's development, Russia has decided to rattle the global crude complex cage. Amid hopes of a freeze, Russia's energy minister Alexander Novak has reversed course and stated that Russia could "in theory" increase oil output and "was never ready to cut production." It appears things are rapidly breaking down between Russia and The Kingdom - which perhaps explains Obama's rapidly arranged trip to kiss the ring in Riyadh.
Authored by Paul Craig Roberts,
When Ronald Reagan turned his back on the neoconservatives, fired them, and had some of them prosecuted, his administration was free of their evil influence, and President Reagan negotiated the end of the Cold War with Soviet President Gorbachev. The military/security complex, the CIA, and the neocons were very much against ending the Cold War as their budgets, power, and ideology were threatened by the prospect of peace between the two nuclear superpowers.
Russia is no longer cooperating with the U.S. by keeping to an agreed flight safety protocol over the skies of Syria, according to new analysis The U.S. has accused Russia of abandoning a memorandum of understanding agreement after starting its air campaign in Syria by allowing its warplanes to carry out “simulated attacks” on American jets. The U.S. views the Russian action of sending two Su-24 strike aircraft to within 30ft of one of its destroyers in the Baltic last week as “aggressive” and “unsafe” while Russia views the recent deployment of U.S. combat jets near Syria as a threat.