Cut output 5%? What proposal to cut output 5%

Saudi Arabia hasn't seen any proposal

A gulf oil delegate is doing the rounds and he says that Saudi Arabia hasn't received any proposals to cut output.

The Saudis have long said they won't cut production without everyone else getting on board.

Watching the OPEC headlines today feels like a student-government debate -- none of it matters.

In any case, the oil traders care and crude gains continue to fail, taking stocks and CAD down too. USD/CAD is now up almost 150 pips from the lows.