Markets lost the plot last night as the OPEC non-deal, which was nothing more than Saudi Arabia has been saying all along, transformed into pure fantasy, from the WSJ:
Oil futures extended gains Wednesday after Iran’s oil minister expressed support for a plan to freeze production by members of the Organization of the Petroleum Exporting Countries at current levels, but said other countries understood Tehran’s desire to boost production following the lifting of economic sanctions.
The remarks by Iranian oil minister Bijan Zanganeh came after a meeting in Tehran with counterparts from Iraq and Venezuela. A day earlier, Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries reached a tentative agreement with Russia to freeze output at January levels, contingent on agreement by Iran and Iraq.
