Oil was down this morning and the headline read - "oil down due to pessimism over OPEC cut deal". Then oil rebounded and the headline read - "oil up due to optimism on OPEC cut deal". You can't make this shit up. The Idiocracy says the same asinine thing every day, which forces me to issue the same asinine rebuttal every day...
OPEC brought their next meeting forward by four days to November 21st, so shorts are covering. Again...
Here, straight from the U.S. Energy Information Agency is GLOBAL daily oil production through the end of 2016 (red line):
Here is the same Global oil production (black) with how many times we've been told about an OPEC production freeze (red):
The more they talk, the more production increases, as in:
"This OPEC meeting reminded us to increase production this month, before we're forced to freeze at all time highs"
Here is zombie burial 2016:
"Imagine if we told them the truth"
"It wouldn't make any difference"
"Imagine if we told them the truth"
"It wouldn't make any difference"
