Russian oil minister Novak is getting the blame for today’s oil price fall after he spoke to a domestic newspaper and doubted that OPEC would lower production at the June meeting.
Now — after a few angry calls, no doubt — he’s trying to walk the comments back, saying that Russia and OPEC will make a decision then on what’s best for the oil market.
This was a bit of an own-goal for OPEC+ as knocking down the price of oil by $2.50, even for a week, is billions in lost revenue for the group.
If the bulls can cling to anything, it’s that there could be a small series of higher lows on the chart.