Oil shrugs off talk of an OPEC meeting
The spin on the talk from the Nigerian oil minister about an emergency OPEC meeting is that it's unlikely to spark any kind of real change because the Arab countries -- especially Saudi Arabia -- aren't interested in cutting production.
That might ultimately prove true but if a meeting were actually called, and it seems possible. There are risks, and those are all bullish.
To me, no matter how you spin it, this story is at least slightly bullish and yet oil can't sustain any kind of a rally. To me, when a market can't rally on good news, that's the ultimate bearish signal. And the techs are saying the same thing.
