Saudi oil production rises to record level in July - FT.com
Well, that should have driven prices down.
But the oil bulls are unwilling to accept reality, and instead continue to seek fantasy.
Oil leaps 5% in one day trading
"Brent crude, the world’s oil benchmark, is enjoying its best day in four months after Saudi Arabia, the world’s oil lynchpin, said it was ready to step in and help stabilize the over-supplied market."
Saudi is playing these pikers like a fiddle. They pump massive record amounts of crude, and then says something silly about "maybe cutting back," and the oil bulls go wild buying like mad. Next week, the House of Saud will do the same. Lather, rinse, repeat. Incredible!