A snippet overnight from Helima Croft, chief commodities strategist at RBC. Unsurprisingly says that OPEC would intervene if oil prices dropped substantially.
Also had comments on Saudi - US relations:
- Saudi Arabia is becoming less closely aligned with the US
- Saudis believe that the US makes lot of oil-policy requests
- Saudis will not always be the US side
- Saudis are prepared to front up to the consequences of disagreement with the US
---
I wonder how much more downside is needed for further action from OPEC to try to support the price:
