Oil is down this year solely because of the paper crooks on Wall Street and Brandon the corrupt Socialist backed by the corrupt left wing mass media manipulating the price. Physical demand is strong in the real world. The Saudis need to punish these forces that have been manipulating the price. The punch they threw last time with their production cut was only a gut punch. They need to hit these crooks with a knockout punch : a surprise huge production cut to end these crooks. Brandon is running out of ammo with the SPR.
Oil Rises for Third Day After Saudi Arabia Warns Speculators
Yongchang Chin and Grant Smith
Wed, May 24, 2023 at 8:41 AM EDT
(Bloomberg) -- Oil rose for a third day after Saudi Arabia’s latest warning to short-sellers suggested OPEC+ could reduce output further to buoy prices.
West Texas Intermediate futures climbed above $74 a barrel after adding almost 2% over the previous two days. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman told speculators on Tuesday to “watch out,” just over a week before the Organization of Petroleum Countries and its allies meet to review their output policy for the second half of the year.
“Hard-hitting talk from the OPEC kingpin” is dominating the market, said Stephen Brennock, an analyst at PVM Oil Associates Ltd. “The producer group might have another surprise cut up its sleeve.”
That offset a lack of progress in resolving an impasse over the US debt ceiling, which is weighing on broader financial markets and has influenced oil futures in recent days. House Speaker Kevin McCarthy said late Tuesday the two parties had yet to reach a deal to avert a first-ever default.
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The oil market also received bullish impetus from an American Petroleum Institute report showing US nationwide crude inventories declined by 6.8 million barrels last week. If confirmed by government figures later Wednesday, it would be the biggest drop since late March.
Oil is still down for the year as traders grapple with China’s lackluster post-Covid economic recovery, interest-rate hikes from the Federal Reserve and the US debt conundrum. Russian exports have also remained robust, despite pledges to cut production in retaliation for Western sanctions.