Photo: ReutersNew York: Money managers’ reluctance to get behind the oil rally is finally paying off. Oil prices had a “swift reaction today to the musings by OPEC to potentially add more supply to the market. When Opec, Russia and other major producers meet in June “we will do what is necessary” to reassure buyers, the minister said. “The market kind of overextended itself, ” Gene McGillian, manager of market research for Tradition Energy in Stamford, Connecticut, said by phone. Oil prices have “been extremely extended for a long period of time,” Kyle Cooper, a consultant at brokerage Ion Energy Group LLC, said by phone Friday.

Source: Mint May 26, 2018 04:18 UTC