The Brent oil price had a wild night of technical trading before settling up at $44.91 as I write. Triggering the price spike was Saudi Cabinet minutes picked up by Bloomberg:
- SAUDI GOVT READY TO DO WHAT IT TAKES FOR STABLE OIL MARKET: SPA
- SAUDI READY TO COOPERATE WITH OPEC, NON-OPEC FOR STABLE PRICES
There is nothing new here but it was enough to spike all oil anyway. The twitchiness is no doubt the result of how short markets are once again, charts from John Kemp:
Advertisement