Oil longs finally caught a break today on talk of Saudi oil production cuts.
The headlines sent WTI crude immediately $1 higher to $81.75. After some choppiness, it has continued higher to $82.05. But what’s more important is that it’s successfully retest $80 and that’s an early sign of a bottom.
To be sure, the bias is still down and WTI will have to clear $85 to spark any kind of continued optimism.
WTI crude oil daily
