SPDR S&P 500 (SPY)

[risk on]

If I recall correctly, another one of these Russia - SA bogus freezes was announced right when spy was getting ready to break below last time. That "arrangement" turned out to be worthless , as this current one will, because oil will keep getting pumped by petro states, because they HAVE TO keep producing . Their entire economies are dependent on oil production and all that goes with. The workers don't really think about The PPB day to day, they think about a pay ck and staying employed.

With as bad as shape those petro states are in, the last thing they can do is scale back production, because that act would literally be a scale back of their economy .

So, there's your catch 22, low PPB brought them to this place , and they must keep producing , which in turn will keep the PPB low, all things being equal.