Reuters recap of Thursday oil trading quotes an analysts saying:

  • "A week or so ago oil seemed to be tumbling again, and now we've come back to a level where it seems to be stabilizing"

Given the sharp move overnight I'd be hesitant to call it a stabilisation, but no matter.

The tone of the overnight movement was set, according to Reuters, by:

  • Saudi Energy Minister Khalid al-Falih said OPEC members and non-members would discuss the market situation, including any action that may be required to stabilize prices, during an informal meeting on Sept. 26-28 in Algeria.

ps - we have oil charts on site here at FXL:

Link is: