Oil Pumps'n'Dumps After Russia Mentions Production Cut

It appears the weight of positioning is too much to maintain any OPEC/NOPEC jawboning. After yesterday's failure by the Saudis, Russia's comments that it "doesn't rule out extending the oil pact with OPEC" prompted an immediate algo panic buy... but seconds later that was sold into as we suspect over-extended longs are now using rips to reduce risk.



It appears $49 is the new jawbone line in the sand...


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