Keep an eye on oil into settlement
Yesterday's big swoon in oil started at about 1 pm ET but it's been quiet today. However we're still within striking distance of the lows of the day as we head into the final hour of trading before floor settlement.
However just now there is a report from Russia's TASS citing the Russian energy ministry that they are ready to cut by 1.6 mbpd. There's been no market reaction to it. One line of thinking is that's not enough but I think in the short-term it's a strong indication that we're going to get a coordinated cut tomorrow, even without US participation.
The meeting is at 4 pm Thursday in Vienna, that's 10 am in New York.
Update: Algeria's oil minister says the OPEC+ meeting will be fruitful.
