Crude Plunges (Again) As Saudis Reverse 1/3 Of January Cuts, “Steve” Stunned

Crude Plunges (Again) As Saudis Reverse 1/3 Of January Cuts, “Steve” Stunned

Earlier this morning, we noted that crude had put the brakes on a six day slide. “The market is beginning to turn its attention to Wednesday with the Fed and the EIA reports,” Ole Hansen, head of commodity strategy at Saxo Bank said, adding that “[everyone] is still nervous but we are retracing a bit after that selloff.” Or, we were retracing a bit after the selloff. Now, following reports that Saudi Arabia told OPEC the kingdom raised output to over 10m b/d in February, we're retr
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2 thoughts on “Crude Plunges (Again) As Saudis Reverse 1/3 Of January Cuts, “Steve” Stunned

  1. More junk for many shale companies this will be bloody. DEBT,DEBT,DEBT>OUT OF BUSINESS.” That’s OK, one more billion and we only lose 2 billion this month”. Yea, that’s the ticket Mr. Pres.of (Lose $$$ Oil Co.) “you’re brilliant, sir”.

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