Reuter's OPEC Ready To Cooperate

[jft310]

Seconds after Oil hit the lows and NYMEX closed - and S&P broke the critical 1812 level, this hit:

• *OPEC READY TO COOPERATE ON CUT, UAE ENERGY MIN SAYS: WSJ

Here is the source:

So, first it was Venezuela speaking for the Saudis, then it was Russia speaking for the Saudis, now it is the UAE.

And the reaction...

The last time front-month crude oil traded at these levels ($26.12) was May 2003 as WTI Crude has collapsed over 22% in the last 2 weeks - the biggest drop since Lehman in 2008. Goldman's "teens" are getting closer...

With credit risk already at record highs - and getting higher - we suspect the moment of Chapter 7 truth is getting closer.

Average:

http://www.zerohedge.com/sites/all/modul...n_star.png); background-position: 0px 0px; background-repeat: no-repeat no-repeat;">
http://www.zerohedge.com/sites/all/modul...n_star.png); background-position: 0px -32px; background-repeat: no-repeat no-repeat;">5

http://www.zerohedge.com/sites/all/modul...n_star.png); background-position: 0px 0px; background-repeat: no-repeat no-repeat;">

http://www.zerohedge.com/sites/all/modul...n_star.png); background-position: 0px 0px; background-repeat: no-repeat no-repeat;">

http://www.zerohedge.com/sites/all/modul...n_star.png); background-position: 0px 0px; background-repeat: no-repeat no-repeat;">

http://www.zerohedge.com/sites/all/modul...n_star.png); background-position: 0px 0px; background-repeat: no-repeat no-repeat;">

Your rating: None Average: 5 (5 votes)