False hope drive the oil prices higher according to Barclays.

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Michael Cohen, Barclays head of energy commodities research said on Friday, that he was not moved by the latest announcement from Saudi Arabia’s oil minister, which triggered hopes and drove the oil prices more than 12%.

“We think it’s a lot of false hope. Basically what’s been happening over the last month is, as the market’s gotten increasingly short, anytime that we see these kinds of headlines, they result in this kind of rapid change in the price” said Cohen.

BARCLAYS DEVANT LA JUSTICE BRITANNIQUE DANS L'AFFAIRE LIBOR

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