Saudi Arabia Says Will Do "Whatever It Takes" For Stable Oil Market

The oil producers are rapidly learning from the central banks how to jawbone markets higher. With both Brent and WTI sliding as recently as ten minutes ago, suddenly a buying frenzy was unleashed following a Bloomberg headline which cited the Saudi Press Agency, according to which the world's largest crude exporter was ready to pull a Draghi and would do "whatever it takes" for a stable oil market, and that it would cooperate with OPEC and non-OPEC members for stable prices.

Here is the Bloomberg take:

SAUDI GOVT READY TO DO WHAT IT TAKES FOR STABLE OIL MARKET
SAUDI READY TO COOPERATE WITH OPEC, NON-OPEC FOR STABLE PRICES

Which however is somewhat different from the actual SPA press release, which says "The Cabinet stressed the Kingdom's role in the stability of the oil market, its constant readiness and continuing pursuit to cooperate with all oil producing and exporting countries." .... http://www.zerohedge.com