Oil sank earlier today after a Reuters report said OPEC+ was considering a fresh output hike this weekend. Later, a report from Bloomberg said OPEC had pumped an additional 400k bdp in August, which is in line with the planned production hike.

In the past few minutes though, oil prices have bounced in a big way, with WTI quickly up about 80 cents. I can’t find any news behind the latest spike but it could be an OPEC denaial of the earlier report. In any case, it’s been a choppy week already.