WTI back where it was before the Russia-Saudi comments

You can never trust a big move in holiday trading.

Russia and Saudi Arabia shocked the market into a $2.50 rally yesterday when they first revealed that an agreement was coming.

When the 'agreement' arrived, it wasn't the production freeze that it looked like it could have been. Instead, it was and agreement to set up a working group to monitor oil market and work out recommendations to ensure stability.

A committee?

The oil market didn't fizzle right away and Russia's oil minister said they were ready to make a decision on a freeze at the meeting in Algeria but, ultimately, there is nothing here. It's the same kind of jawboning we've heard so many times before.

WTI crude is now down $0.25 on the day at $44.06 after hitting as high as $46.53.