$GUSH $DRIP $OILD $OILU “We’ve never seen something like this before,” said Mike Hiley, president of OTC Futures. “Oil is going to continue to be stuck in this rut given the simultaneous supply and demand shocks. Stimulus doesn’t really help these issues. Just because people have more money in their pockets, doesn’t mean they’re getting in their cars.” The White House is urging Saudi Arabia to dial back its plan to flood the crude market. Still, any agreement to curtail supply among producers will be too little and too late in the face of an unprecedented shock for the world’s oil refining system, Goldman said.
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