Oil rallies back ahead of OPEC meeting
|Oil rallied a touch yesterday after the previous day’s technical drop ahead of the weekend meeting of Opec and Russia in Muscat. After the close the API stats were very positive with crude stocks drawing by 5.12m barrels against a whisper of 3.15 although the real star was the fall in stocks at Cushing of 3.94m barrels.
When you are in a hole, stop digging is the usual mantra but after yesterday’s unsurprisingly poor figures from the commodity desk at the Vampire Squids, last night the head of the department warned about prices running too high, a far cry from the reverse forecast last year.
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