Rumor Drives Oil
Tim Knight | Feb 23, 2015 04:42PM ET
Early Monday, Nigeria floated a story about an emergency OPEC meeting, which sent a very weak crude oil soaring. The rumor had about as much credence as any other Nigerian prince story you’ll encounter -- and you should pay it as much respect.
I remain blissfully short energy shorts up, down and sideways. I think the entire oil sector is in horrific trouble and this kind of rumor mongering is bound to pop up as we continue to crumble downward in the months ahead. Crude’s trendline break trumps the rumor mill.
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