It’s another day where oil prices, correlated 90% to the S&P 500, rise pulling stocks higher along with it. Thursday its Venezuela saying Russia, Saudis and Qatar will meet next week to discuss high production levels.
Please…Venezuela?!? They are habitual liars about the color of the sky.
Nevertheless, oil price watchers took their assertion as being fact despite the country’s habitual lying and taking rumors as truth. It may be so, but given the three country’s recent previous denials about production cuts and Venezuela’s conflict of interest, well you’ll understand my skepticism.
Stocks rallied again with oil ignoring another lousy day of poor economic data and weakening corporate earnings guidance. But clearly again, the