If it was Russia's intention to send oil tumbling after its oil minister last week said that OPEC+ has no intentions of cutting production, in the process inviting another round of shorts and bearish CTAs, well... mission accomplished: on Wednesday oil tumbled more than 3% following the latest dismal Chinese PMI data, and followed a 4.
4% drop on Tuesday the black gold is now on pace for its worst month since November 2021. But the real driver behind the latest dump is the reversal of last week's speculation that an OPEC+ cut may be coming…Goldman And Others Sees Rising Odds Of Another OPEC+ Output Cut
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