Oil drops on the Bloomberg headline
This is a murky headline at the moment but it might suggest that OPEC or Saudi Arabia is unhappy with the status quo… and the status quo is the only thing holding the oil market together.
WTI quickly to $44.69.
For now, there’s no story to go along with the headline. It could be anything from simple mechanics to a sign of trouble. My guess is that it’s probably nothing but given the run that oil has had and the looming event risk, I understand the market reaction.
The JMMC is the Joint Ministerial Monitoring Committee and it’s the group that oversees production quotas and the month-to-month deliberations ahead of the summits.