Moments After Oil Crashes To 12 Year Lows, “OPEC Headline” Sends It Surging Again
Seconds after Oil hit the lows and NYMEX closed – and S&P broke the critical 1812 level, this hit:
- *OPEC READY TO COOPERATE ON CUT, UAE ENERGY MIN SAYS: WSJ
Here is the source:
OPEC is ready to cooperate on a cut, but current prices are already forcing non-opec producers to at least cap output, says UAE Energy min
And the reaction…
The last time front-month crude oil traded at these levels ($26.12) was May 2003 as WTI Crude has collapsed over 22% in the last 2 weeks – the biggest drop since Lehman in 2008. Goldman’s “teens” are getting closer…
With credit risk already at record highs – and getting higher – we suspect the moment of Chapter 7 truth is getting closer.