|Today, in the wake of reports that Russia and Saudi Arabia have agreed to freeze output, the price of a barrel of crude oil surged over 4%. With crude oil now trading over $41 a barrel, today's chart presents the current, long-term trend of West Texas Intermediate crude. The price of crude oil has been confined to a steep downward sloping trend channel as a result of a tremendous increase in supply that is not being offset due to a relatively sluggish global economy. Today's news which suggests a potential production freeze by at least two major oil producers (i.e. Russian and Saudi Arabia) coupled with reduced production from the US, has resulted in a serious challenge to resistance of crude oil's two-year downtrend channel.Notes:
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