Oil exhibiting high volatility


Its been a volatile session for Oil today, beginning on the back foot before seeing a sharp bid following comments from Saudi Arabia (here). Prices have since failed to hold onto these gains and we currently trade back in negative territory again for the day.

 The news from Saudi Arabia sparked a rally of over 200 ticks in less than an hour, however we have since seen more than half these gains given back. Some speculation suggests the comments stating that Saudi Arabia were willing to cooperate with OPEC to maintain stable prices are not actually new, they were originally released on Thursday 19th November in an interview with their Oil minister but the media has only recently picked up on them.