Risk-On Vs. Liquidity Squeeze

Oil prices are soaring after Friday’s dismal performance after it became apparent that OPEC plus Russia it’s getting ready to make its move. It really shouldn’t be a surprise to anyone who’s been paying attention that OPEC plus Russia is set to announce a production cut of a million barrels a day or more as they have helped the Biden administration successfully drain our Strategic Petroleum Reserve SPR) and have given the cartel more control and sway over global energy prices. Not only are they going to perhaps reduce their quota by a million barrels a day Saudi Arabia is dropping hints that they could make even a larger voluntary production cut.

Image and article originally from www.barchart.com. Read the original article here.