Novak attempts to backtrack on previous OPEC comments

Russian Oil Minister Novak is blamed for today’s oil price slump after speaking to a national newspaper and doubting OPEC would cut output at the June meeting.

Now – after a few angry calls, no doubt – he is trying to walk back his comments, saying that Russia and OPEC will then make a decision on what is best for the oil market.

It was a bit of a goal for OPEC+, because driving down the price of oil by $2.50, even for a week, is billions in lost revenue for the group.

If the bulls can hold on to anything, there might be a small series of higher lows on the chart.


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