More Saudi smoke and mirrors

ALMOST as fast as hopes rose on OPEC agreeing to an output freeze, it all went up in smoke as Saudi Arabia boasted it was likely to hit another output record this month, though some believe its flagged Saudi Aramco initial public offer could prompt the cartel leader into action.

Oil prices have rallied about 20% since the market fell below $US40/bbl two weeks ago which many have attributed to short covering given bearish investor positions have been trending near all-time

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