MacroVoices #352 David Rosenberg: This Bear Market Has A Long Way To Go
Macro Voices
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Oil Futures - Is OPEC Plus Going to Cut Production?
The rumor that moved crude well off its lows was that China was about to announce an end to zero COVID. OPEC Plus meets on Sunday in a virtual meeting and my own strong opinion is that OPEC Plus should make further cuts to production. I still see plenty of reason to thank the coming recession. Won't hurt crude oil prices as much as macro analysts who don't understand the physical market seem to be betting. But the collapse in backwardation is a really, really big deal.
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