"Sell The News" - WTI Tumbles Below $50 After OPEC Disappointment

Confident anchors across the media have been proudly proclaiming the rise above $50 as proof that the oil market is heading toward equilibrium again and OPEC's production cut deal extension will be awesome... except the market seems to be disappointed as it's clear no other non-OPEC nations will join the agreement (cough US shale cough) and "sell the news" has sent crude back below $50...

The full details are as follows:

  • No new countries will join the supply cut
  • Cut remains set at -1.8mmb/d, a continuation of the original deal
  • The next OPEC meeting will be November 30

And the reaction...