Media Error Triggers Significant Oil Price Spike

If you've ever wondered if media headlines and jawboning really influence oil prices, you can now put the question to rest. A mistake in publishing sent oil prices up sharply on Monday morning—but prices have since bounced back to normal levels now that the offending media piece has been removed and a retraction printed. The Reuters headline wasn't exactly incorrect. "Saudi Arabia's Energy Department will voluntarily extend production cuts until the end of 2024." But we knew that. This is old news that dates back to June 4, when Saudi Arabia…