Saudi Arabia’s oil minister said ‘maybe’ there is a need for more oil as he arrived to the OPEC meetings.
The Saudis already increased production but it’s unlikely that OPEC will hike the official quotas. In any case, oil is more concerned with slowing global growth and is near the Friday low of $82 after climbing as high as $86.50 today.
The bounce in oil has been miniscule relative to the drop from $110. There remains a large disconnect between oil and other risk assets (especially stocks) that must correct over the summer.
Update: Oil now below $82.