As the world gets geared up for more stimulus and word that Saudi oil production is rising, it seems to suggest either that demand is getting better or the Saudi’s are trying to make sure the market is well supplied ahead of any impending conflict.
The euro currency technically and fundamentally is in trouble and so too is the long commodity trade. Traders more and more will seek safe harbor in the dollar and bonds, and commodities will seek to trade in a lower range.
Saudi Arabia’s King Abdullah asked the stock market regulator to investigate trading violations even if they involve members of the royal family, Al Sharq reported on its website, citing a letter to the regulator.
Saudi Arabia can increase crude production by as much as 25 percent immediately if needed, the country’s oil minister said, seeking to allay the concern over supplies that has driven prices to the highest in three years.