The last four days have seen WTI Crude prices plunge almost 10% from their cycle peak near $73 to a $65 handle overnight. This is the longest run of losses in almost four months as Saudi Arabia and Russia said they are discussing raising output to ease consumer anxiety after prices jumped to levels last seen in 2014. Saudi Arabia and Russia signaled they’ll restore some of the output they cut as part of a deal between OPEC and its allies that took effect in January last year. Potential opposition from several producers could complicate the group’s effort to reach a consensus when it meets next month in Vienna. “It was always going to be a tricky announcement of when to ease production cuts,” said Ole Sloth Hansen, head of commodities research at Saxo Bank A/S in Copenhagen. “Oil was already on the defensive.” However, we […]