Headlines about "oil production cuts" are the new "Greece is saved" trial balloon.
Following today's dizzying surge in crude oil on speculation by the Russian energy minister that the Saudis have proposed a 5% supply cut, which was subsequently trimmed to merely a statement that a "meeting may be called where a production cut could be discussed" we asked how long until the denial:
What time is the Saudi denial?
— zerohedge (@zerohedge) January 28, 2016
The answer: 15 minutes when the following rejection hit:
- OPEC DELEGATES SAY NO PLAN YET FOR MEETING WITH RUSSIA
And now that the squeeze is over, oil can resume tumbling.