Oil prices have been flirting with $30 a barrel, a price one analyst calls a ‘stabilization level.’ ‘There is some evidence that we could be starting to find a base in oil prices,’ said Michael Hewson, chief market analyst at CMC Markets, based in London. ‘I do think [$30] is a fairly good stabilization level.’ He said various OPEC producers are talking about a deal with Russia in an effort to reduce oil production to slow the precipitous declines in oil seen in recent weeks. He also said the fact that investment banks continue to revise down their oil price forecasts is a sign that a bottom in oil may be in sight. Oil prices have slumped 19 percent since the start of the year and 44 percent over the past 12 months. TheStreet’s Scott Gamm has details from Wall Street.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
