, Columnist
Russian Roulette for Oil Traders
Leaving aside feasibility, would a supply cut even be worth it?
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When you've reached the point of putting your faith in Russia to bail you out, you've almost capitulated. Almost.
The oil market is at that penultimate point. The optimism that took hold last week on comments from Russia's energy minister that he might be open to coordinating supply cuts with OPEC has largely fizzled. Brent crude, having closed last Monday at a dreadful $30.50 a barrel, ended the week at a merely abysmal $34.74 (and already this week it's headed back down from there). The fact that this generated so much excitement tells you how low expectations have sunk.