Oil trader who bought Brent at $65.98 reveals why OPEC+'s surprise move changes everything
Key Points
- OPEC+ surprised traders by unwinding production cuts and add...
OPEC+ just pulled the classic "let's surprise everyone by doing exactly what we said we might do" move, and oil traders are having the kind of day that makes their therapists rich. Brent crude jumped to around $65.98 per barrel on September 7, proving once again that markets have the memory span of a goldfish with commitment issues.
The Art of Selling Rumors and Buying News
The group announced they're unwinding their voluntary production cuts ahead of schedule, adding a modest 137,000 barrels per day to October's output. This triggered the textbook "sell the rumor, buy the news" response...
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