Oil Bounces Off Lows, Spikes On Saudi ‘Deep Cut’ Headline

Oil Bounces Off Lows, Spikes On Saudi ‘Deep Cut’ Headline

HeOk, so the headlines are coming in from the OPEC, non-OPEC monitoring committee meeting in St. Petersburg, where ministers are convening to chat about market conditions. And although not a whole lot is expected, crude is of course prone to sharp moves on headlines. Sure enough, this (out moments ago) seems to be having an impact: AL-FALIH: SEES SAUDI DEEP CUT IN AUGUST WTI and Brent both immediately leapt to day-highs on high volume: This of course comes after a nasty decline on Frid
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