Explainer-Oil price surge changes ECB narrative only at the margins
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- US stocks close down as oil spikes 12%, job market weakens
- U.S. nonfarm payroll employment unexpectedly falls in February
- Oracle stock falls on report of scrapped Texas data center plans
- Kuwait cuts oil output as storage fills up
- Boeing reportedly nearing 500-aircraft deal with China ahead of Trump visit
- After-hours movers: Marvell, Samsara, GAP, Cooper Cos.
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OPEC+ production cut was aimed at speculators - Bloomberg
April 3, 2023 2:06 PM UTCBloomberg reported Monday that the surprise OPEC+ production cut was aimed at speculators betting that oil prices would fall, representing a return to a previous tactic used in 2020.
The report stated that at the time, Saudi Energy Minister Prince Abdulaziz bin Salman famously stated he wanted "the guys in the trading floors to be as jumpy as possible." Bin Salman also promised... More
