Reversing all of yesterday's FOMC-inspired idiocy, WTI has plunged back to reality this morning. Following comments by Kuwait's comments that OPEC had no choice but to keep production steady, refocusing the market on global oversupply, April WTI is back down to a $42 handle.
All of yesterday's idiocy unwound...
[6]
Kuwait's oil minister said on Thursday he was concerned by the 50 percent drop in oil prices since June because of its impact on the Gulf Arab state's budget, but said OPEC had no choice but to keep output steady.
"We don’t want to lose our share in the market," Ali al-Omair told reporters.
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