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Stocks got a bit of an artificial boost in trading yesterday as sentiment was largely helped by Trump's remark that Saudi Arabia and Russia are to cut output by 10-15 mil bpd, which gave oil prices a strong push higher.
However, there remains a lot of skepticism surrounding that with Saudi sources even lamenting the exaggeration by Trump and saying that realistically, one can best hope for a global output cut of around 6 mil bpd instead.
Even so, it is hard to imagine for how all these countries are going to work with one another in forming a new oil cartel - especially if this is just to try and save US shale producers.
So, are we going back to the drawing board now? US futures are keeping lower so far ahead of the weekend but let's see what surprises Trump may have in store for us later today.
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