FT reports that behind closed doors the Saudi's want oil higher
Saudi officials are said to be wavering on their plan to protect their long term exports ahead of short term gain. The FT note that while they publically state that they are not about to reverse policy, they want the oil market to stabilise in the $60-80 range
One way that officials have been trying to stabilise prices is by their constant warnings that falling investment will lead to supply shortages
The drop in oil prices are beyond what many expected and there's a fear it's gone to far and will have far reaching effects
Full details from the FT
With the next OPEC meeting next week we're going to be getting a lot of stories and conjecture that could whip prices around. No one is really expecting any action but traders will be watching for any language that might signal a change in intent
So far there's been no real reaction to the story in Brent prices as "behind closed doors" is as good as a rumour. If we get any sort of confirmation of that then oil will shoot up
