Despite hitting its lowest level in over a year earlier in the week, crude oil is showing signs of stabilizing. This is perhaps an early indication that the worst of the selling may be over. With crude oil, sentiment is being influenced by expectations of production cuts by OPEC and its allies. Crude Oil U.S. West Texas Intermediate crude oil futures is currently in a position to post a potentially bullish technical closing price reversal bottom on the weekly chart. Helping to form the chart pattern is Thursday’s rapid reversal to the upside on the daily chart. This move was fueled after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting in Vienna on December 6-7. The most vital industry information will soon be right at your fingertips Join the world’s largest community dedicated entirely to energy professionals and enthusiasts […]