I take this as a signal that the Saudis (and probably Russians as they just met with the Saudis) have decided to hold or raise prices and let quantity sold adjust.
Fuel prices are low enough to restore growth in demand with any positive economic performance.
Oct. 24, 2008
The Organization of Petroleum Exporting Countries decided to make a deep cut in oil production, taking 1.5 million barrels a day off global markets as it embarks on the task of managing prices amid a potential global recession.
December light, sweet crude oil futures fell $3.34 to $64.50 a barrel in electronic trading on the New York Mercantile Exchange by midday in London.
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Not doing much good, crude down another 7% today.
True, and markets often fade these decisions.
If prices aren’t up in a week or so it means the Saudis don’t want them up and are ok posting the lower prices to their clients/refiners.