Could be just trying to grab eyes on pages, however the Russian...

Could be just trying to grab eyes on pages, however the Russian Times is claiming the recent Oil price decrease is due to the US and Saudi Arabia flooding oil markets before the mid-term elections to push prices down.

There was also some talk about US imposing some sanctions on Saudi as a form of punishment for the killing of a Saudi journalist (currently playing the The US tune and pumping more oil as penance) ... this coupled with the imposed Iran sanctions will drive a bounce back in the oil price which may take a few more weeks. Interesting times ... this from Trump on Twitter



https://www.rt.com/business/442938-us-opec-flood-oil-market/

“But even with OPEC production at a two-year high, and US production surging at a torrid pace, the oil market is not necessarily on the verge of plunging into a new downturn. Despite the flood of new supply, the “surge does not seem to have overloaded the market,” according to Standard Chartered. Crude oil inventories have climbed significantly, but part of the reason for the increase is that refinery utilization is way down. Refineries tend to go into maintenance after the summer, but Standard Chartered said this has been a “longer-than-usual maintenance season.” That has led to inventory increases, but still, inventories are right in the middle of the five-year average. That also included a scheduled release of oil from the strategic petroleum reserve, a volume that was previously legislated by Congress.”