Oversold: Oil traders punish OPEC for promising too much

Source: Reuters

(Reuters) – As OPEC’s latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success.

But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 percent to $51 a barrel.

“That is a disaster,” he said.

While OPEC has worked hard in recent years on improving communication to ensure the right message is delivered to financial markets, Thursday’s experience showed the 14-member group and its non-OPEC allies still have a long way to go.

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