OPEC lifts oil prices again.. with talk

“There is a readiness to continue cooperation beyond 2018...The mechanism hasn’t been determined yet, but there is a consensus to continue,” Saudi Arabia’s Energy Minister Khalid al-Falih said in Oman.

Apparently, that was enough to send oil higher.

I've got two problems with this, however. First, how is this news? They've been talking about continuing cooperation for ages. You can read into it whatever you want. Second, it comes at the end of a week during which Brent and WTI fell. Is this really all it takes to swing the price? A couple of rather general remarks?

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Seems like some analysts got it wrong. They were saying that OPEC doesn't want oil prices to be much higher, but the latest round of talk from the OPEC camp has it that they will extend some cooperation with Russia and others beyond 2018, suggesting to some that they cuts may be extended beyond 2018. 

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But this isn't causing oil prices to move higher ...

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well, edged a bit higher this morning, but also was because of weakened dollar, not just OPEC talk. In fact, I think the market is getting increasingly numb to OPEC talk. 

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Both WTI and Brent are up now. It's been up and down and up again today. Almost $1 swings with WTI. Nuts!

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I definitely think the market is getting less sensitive to OPEC chatter, but it still does tend to move markets. I think now it just moves it for less time. Seems to be much more temporary bumps or dips. Today's oil prices were rollercoastery.

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