OPEC Rumor-Mill Utterly Fails – Oil Tumbles On Production-Cut Deal Extension Chatter

Just as Reuters’ John Kemp warned, it seems the hedge funds have abandoned OPEC. In the good ol’ days (of the last year), one mention of production cut deal extensions, or high production cut compliance rates, would have been enough to see levered buying with both hands and feet, self-reinforcing the ‘success’ of OPEC’s plan. Today – that failed!
WTI plunges below $50 and we tweet that OPEC is due any time now…
OPEC headline generator activated
— zerohedge (@zerohedge) April 21, 2017

This post was published at Zero Hedge on Apr 21, 2017.