Oil prices have fallen to unchanged on the day from +$1 earlier but some Iraq SOMO headlines are hitting the wires.
- Says supports Saudi statement regarding volatility
- Thin liquidity and extreme fluctuations in the oil futures market leads to prices being far from fundamentals
- Believes alliance will take all necessary measures to achieve balance in the oil markets
At this point, it's undoubtedly a coordinated communications strategy as OPEC tries to jawbone crude higher. They like that $100 crude.
At the same time, they're seeing the same things as anyone who is paying attention: A lack of investment in oil drilling that's going to lead to global shoratages if it's not reversed. By putting in a floor at $90, they can encourage investment but with ESG, that's still an uphill battle.
WTI crude oil 15 mins