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.
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