RE: OIL SLOWLY DROPPING I was too a little confused by the add in inventory and yet a surge in oil price. It seems that rumoured cooperation between russia and OPEC may have triggered some short-term buying.
Read a bloomberg today, apparently in 1998-1999, while oil was down to $10 due to oversupply, despite OPEC and others publicly stated no production cuts, Saudi and Russia secretly formed an agreement to cut production. Will this happen again? It is anyone's guess.