Oil Tumbles After Al Jazeera Reports Saudis Agree To Trump Demand To Pump More Oil | WHAT REALLY HAPPENED


Oil Tumbles After Al Jazeera Reports Saudis Agree To Trump Demand To Pump More Oil

With oil rising to the highest price since November 2014 less than an hour ago, with WTI hitting $75, oil suddenly tumbled on what appeared to be no news, prompting traders to ask if the US had sold even more oil from the SPR.

It turns out the reason is to be found in an article published moments ago by Al Jazeera, according to which the Saudis "have agreed to US demands to pump more oil", and which quoted the official Saudi Press Agency that Saudi Arabia's cabinet on Tuesday "endorsed the kindgdom's readiness to pump more oil to maintain market balance and stability."

"The kingdom is prepared to utilise its spare production capacity when necessary to deal with any future changes in the levels of supply and demand," a cabinet statement said, following a meeting chaired by King Salman.

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