RE: Oil price being manipulated by rumour, not facts2 Sep 2020 22:35
The false rumour of Iraq withdrawing from opec, which they denied in a press release this evening.
The invented rumour that the 9.3 million barrel crude oil draw (you know, the type that would normally send the price of oil up a LOT) was "temporary" because of the Hurricane. I see so what facts was that statement from someone, somewhere based on? Tea leaves? Based on what someone guesses as the facts come from EIA and API don't they. No-one on earth can know a 9.3 million barrel oil draw is negative for the oil price or know the massive draw is temporary. This is market manipulation. Some majoer players have influenced, or maybe told some news providers what to spin and this time it worked. The market as far as I can see was moved by the denied runour that Iraq was withdrawing from opec and the news spin that the 9.3 million barrel draw was "temporary". No-one can know that. In fact 9.3 million draw on top of all the other drawers in tha last 3 or 4 weeks means USA oil stocks are going down FAST. That is FACT.
All IMHO.