I’m guessing this isn’t the result President Trump was hoping for when arm-twisting (or was it horse trading?) Russia and Saudi Arabia into the “beautiful deal” he continues to tout.
Apparently, he forgot to convince pretty much every analyst and trader out there that a 10 million bpd cut could offset the 25 million bpd in excess production.Not even the algos are buying the line that this stinker will stabilize prices. Even before this morning’s abysmal Retail Sales and Empire Manufacturing data, futures were off a bundle. Thanks to yesterday’s nonsensical ramp, however, the drop was from a much higher level and the latest H&S Pattern was busted. Cue the talk about opening the country on May 1.
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