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GOLDMAN SACHS: Don’t believe the hype — oil is staying below $40

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Ben Moshinsky
Business Insider
February 1, 2016

The oil market has been on a tear for the past week.

The price of West Texas Intermediate, the American oil benchmark, is back above $33 a barrel after touching lows below $28.

The market is speculating over whether the OPEC nations, which control most of the world’s oil, are planning on an output cut.

It was enough for Russia’s biggest oil producer to call the huge rally in oil “idiotic” on Friday.

Speaking with the Financial Times, Mikhail Leontyev, a spokesman for the state-owned Rosneft, said (emphasis ours):

“Everything is possible in theory. It was possible a year ago, a month ago. Nothing new has happened. This frenzy is idiotic. It stems from the fact that people can’t read.”

“Consultations with Opec happen all the time. All positions are well known, they have not changed in any way,” he added.

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This article was posted: Monday, February 1, 2016 at 7:50 am

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