Oil Tumbles To $44 Handle After Saudis Confirm “No Decision” Next Week, Feds Crackdown On Bank Commodity Holdings

Jon Alternative Media, Blogosphere, Economy, Fiscal Policies, Government

We hinted earlier and now Saudi Arabia has confirmed that it “doesn’t expect any decision” next week when oil producers meet in Algiers. Oil’s reaction was swift with WTI tumbling to a $44 handle very quickly:
SAUDI ARABIA SAID TO SEE ALGIERS MEETING AS CONSULTATION SAUDI ARABIA DOESN’T EXPECT DECISION AT ALGIERS: DELEGATE This move was exaggerated by the report that The Fed is clamping down on bank holdings of commodities:
FED PROPOSES AGGRESSIVE RULE ON WALL STREET COMMODITY HOLDINGS As we detailed previously…
1) the ban on ‘investing in non-financial companies’, which is highly ironic given that other central banks are directly buying massive stakes in the world’s corporate entities; and

This post was published at Zero Hedge on Sep 23, 2016.