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:

 

So, first it was Venezuela speaking for the Saudis, then it was Russia speaking for the Saudis, now it is the UAE.

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.

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