What looked like a positive move in oil today has turned negative.
The failure of WTI to push through the $59 level has seen it reverse quickly.
Intraday there are encouraging signs that a bottom is trying to be put in place with a series of higher lows but the willingness of traders to hit these bounces is telling.
WTI crude oil 15 minute chart 18 12 2014
Another bullish clue today was the price ignoring the Saudi oil minister pouring more cold water on production cuts.
Fundamentally there’s still no reason to be long but price wise the market looks to be trying to settle down short term.
