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Dow Futures Up +1,000 But Oil Battle Is Only Beginning

Dow Futures are up over 1000 points before markets open after a historic 7%+ drop on Monday. This is in part due to President Trump floating the idea of payroll tax cuts to offset the impact felt by the Coronavirus.

It appears the oil battle that paved the way for yesterday’s sell-off may not be over. Saudi Arabia announced early today it is increasing oil production upwards of 25% over last month, flooding the market and driving down the price. Here’s more from Bloomberg:

Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production hike to flood the market.

The supply increase — more than 25% higher than last month’s production — puts Aramco supply above its maximum sustainable capacity, indicating that the kingdom is even tapping its strategic inventories to dump as much crude, as quickly as possible, on the market. In February, Saudi Arabia produced about 9.7 million barrels a day.

UPDATE:

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