Not only did WTI not go under $100, Brent hit a three-week high.
Oil rose to the highest level in more than three weeks in New York as the biggest gain in U.S. consumer spending in more than a year and better-than-projected earnings overshadowed lower-than-forecast economic growth.Now this:
Oil output in April by the Organization of Petroleum Exporting Countries climbed to the highest level in more than three years, a Bloomberg survey showed. Production increased 305,000 barrels, or 1 percent, to an average 31.405 million barrels a day from a revised 31.1 million in March, according to the survey of oil companies, producers and analysts. Output rose to the highest level since October 2008.There's a name for this: -- the Red Queen Race.
Saudi Arabia, OPEC’s biggest producer, bolstered output by 115,000 barrels a day to 9.82 million this month. The gain left production at the highest level since August.
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