| OPEC got some great news lately, Chinese growth is cooling to a ‘cow like’ 8.2% rather than the bullish 8.5% analysts had previously expected for 2012. For oil fundamentals that’s pretty important: Brent has dropped to $112/b. Confused? Don’t be.
OPEC would normally be more than happy to maximise receipts to keep prices as high as possible, but even its most vocal members were getting worried they were pushing their luck this time. Prices reached nominal euro / sterling highs in March, and it was hardly a well-kept secret on the trading floors of London that the Saudis had lost control of the market...............................................Full Article: Source
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