Stocks Slump, Oil Slides To $46 Handle After Saudis Say No “Significant Intervention Necessary”

Having short-squeezed crude oil prices higher on the back of a hope-filled statement, the Saudi energy minister just dropped another tape-bomb, warning that "no discussions of substance" have taken place on OPEC production levels, adding that he "does not believe any significant intervention in market is necessary."

  • RTRS: SAUDI ENERGY MINISTER AL-FALIH SAYS NO 'DISCUSSIONS OF SUBSTANCE' YET ON OPEC PRODUCTION LEVELS
  • SAUDI ENERGY MINISTER AL-FALIH SAID DOES NOT BELIEVE ANY SIGNIFICANT INTERVENTION IN MARKET NECESSARY
  • SAUDI ENERGY MINISTER AL-FALIH SAID DEMAND IS 'PICKING UP NICELY' AROUND THE WORLD – RTRS INTERVIEW

And the market's reaction so far… (the earlier bounce was on Iran comments)

 

Of course, not wanting to show his hand fully, he added:

  • *AN OIL OUTPUT FREEZE WOULD BE POSITIVE IF IT HAPPENS: AL-FALIH(no shit!)
  • *`NOTHING HAS BEEN DECIDED' ON OIL OUTPUT: AL-FALIH
  • *A FREEZE WOULD SIGNAL THAT MARKET IS BALANCED: AL-FALIH

Does this look balanced?

 

As a gentle reminder:

  • OIL AT RISK OF `WASH-OUT' IF OPEC DOESN'T FREEZE: CITI'S MORSE

And it seems stocks are catching on..

The post Stocks Slump, Oil Slides To $46 Handle After Saudis Say No “Significant Intervention Necessary” appeared first on crude-oil.top.