OPEC, for some quiet moments..

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Hedge Funds covered their short oil bets by the most in 11 months last week. CFTC data shows managed-money short positions dropped 25,639 contracts last week, sustaining a 26% rally off February lows. In April 2015, WTI rallied over 20% off its lows amid the same short-covering squeeze, only to collapse 40% in the next 3 months (despite OPEC hope and calls for stability). Oil ETF shorts have also capitulated back to "normal" long-short ratios suggesting oil has seen "peak" short-covering.

Peak Oil Squeeze? Hedgies Capitulate On Bearish Oil Bets | Zero Hedge

The oil-price collapse will compel all producers to freeze output and no early OPEC meeting can take place without such a move, the United Arab Emirates’ energy minister said. “This is the reality," Suhail Al Mazrouei said Tuesday in Abu Dhabi. "Current prices will force everyone to freeze production; stubbornness doesn’t make sense."

Oil collapse will force all producers to cap volumes, says U.A.E.

Weinberg has calculated that a $100 drop in the price of a barrel of crude would reduce global income from extraction alone by $3.2 trillion, or about 4.5% of world gross domestic product. That’s to say nothing of the impact on global economic activity from oil sales, transportation and exploration. The U.S. benchmark now trades close to $31, or about $76 below its all-time high. It isn’t wrong to assume that those losses would rebound to the benefit of oil consumers, Weinberg says. But the rub lies in the fact that consumers in oil-importing countries may be more likely to stash those savings away while workers in oil-exporting countries would have been more likely to spend that lost income.

Here’s why oil rout is hurting the global economy instead of helping - MarketWatch

Oil extended gains above $36/bbl as U.S. drillers cut the number of active rigs to the lowest in more than six years amid a global glut. Futures advanced as much as 2.2% in New York and oil in London extended its longest run of gains since November. Rigs targeting oil fell by 8 to 392, the smallest level since December 2009, according to Baker Hughes Inc. That is the 11th week of declines. Hedge funds unwound bearish bets at the fastest pace in 10 months, according to U.S. Commodity Futures Trading Commission data, as the prospect of prices sinking to $20/bbl faded.

Oil extends advance above $36 as U.S. explorers idle more rigs