OPEC Blinks; WTI Rises; Energy Stocks Surge -- May 30, 2018

Link here. OPEC, non-OPEC sticking ot oil pact but may raise output if needed.

• Saudi needs $88 oil
• Saudi trial balloon: will increase production by one million bopd
• WTI/Brent plummets
• Saudi clarifies: will increase production if "needed"; LOL 
• will keep current production through end of 2018; gradual adjustments after that
• repeat: Saudi needs $88 oil

Weekly crude oil inventories, API data; released at 4:30 p.m. CDT --

• US crude oil inventories increased by 1.001 million bbls