The machines are still programmed to insta-bid on any and every headline from "Saudi officials" it would appear... even if the effects are fading in their efficacy.

As Citi notes, WSJ headlines explain the uptick in oil, suggesting that Saudi is targeting a $60 barrel oil price for its bigger picture strategy...

While that reads well and all, Citi notes that the full story concludes that Saudi's leverage might be limited unless it shows other OPEC members that it too will take on a large share of the production cuts.