Big jump in oil attributed to Saudi comments but has the market overreacted
Today oil has jumped as Bloomberg took a comment from the Saudi cabinet session statement that said;
"Saudi cabinet says kingdom is ready to cooperate with producers OPEC and non-OPEC exporting countries to maintain stability of market and prices"
It's being pointed out that the comments are not new and that's proved by this from Saudi oil minister Naimi on the 19th
"Saudi Arabia is working with OPEC and non-OPEC to stabilise markets"
The official comment from the report is;
"The cabinet stressed the Kingdom's role in the stability of the oil market, its constant readiness and continuing pursuit to cooperate with all oil producing and exporting countries"
Bloomberg have over-egged the pudding by stating that the Kingdom is "ready" to cooperate when really it's an old line and they're reaffirming their readiness to cooperate
I've sold Brent at 44.98 on the back of this
h/t to Livesquawk and @JavierBlas2 for highlighting the Saudi statement in full
