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.
Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.