Oil traders are waiting for the delayed OPEC+ meeting, now scheduled for Thursday, to see if further output cuts are announced to help stabilize the price of oil
US oil is down in excess of 23% in the last two months as fears of an imminent slowdown in global growth weigh. Wednesday’s EIA report did not help short-term sentiment either.
It's been carnage in crude for close to two months now, but there's a falling wedge pattern that's in the process of building which could, eventually, help to turn the tides.