Oil Plunges As Russia ‘Throws Cold Water’ On Bull Thesis

First thing this morning, we noted that crude fell off a cliff just after 4:30 a.m. EST. That move lower was blamed on Brent's inability to move above $50. Whatever you want to say about it, the fact is that it came on the heels of oil slamming on the brakes after its longest run of gains this year (for Brent the longest run since 2012), a run which itself followed crude’s collapse into bear market territory last month. Between news that OPEC production rose to its highest this year in Ju