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Crude oil has staged a vicious kick-back rally since the turn of the year, now on its eighth consecutive day. But now WTI has reached a critical technical area around $52.50-52.80 and what it does here could determine the direction of prices over the next several days.

The so-called OPEC+ group of oil producers, which includes the traditional players in the oil cartel as well as non-OPEC countries such as Russia, look set to agree on cutting oil production to help shore up prices, defying calls from US President Donald Trump to leave output unchanged and keep prices low.

The effort by the OPEC+ to rebalance the market may only have limited impact on prices, due to the still-rising US oil output.

Oil prices have been falling sharply for the past five weeks or so and the poor run of form has continued for another day today.

It comes after a meeting of OPEC and non-OPEC oil ministers in Algiers over the weekend, which concluded with a decision that there is no urgent need to boost crude output.

Despite last week’s bullish close, WTI is set to end lower on the month. And with prices already turning lower on the week, we are not convinced that oil has bottomed out yet.

Oil prices fell sharply on Thursday after the US Department of Energy reported an unexpected rise in US crude stockpiles.

Oil prices have managed to make back a good chunk of their initial losses after gapping lower following an eye-catching tweet from Donald Trump at the weekend.

Oil prices have taken a dramatic fall over the past couple of weeks after Saudi Arabia – the de facto head of the OPEC – strongly hinted at the prospects of increased supplies from the OPEC and non-OPEC in the second half of the year.

As we head towards the weekend, oil prices have turned sharply negative after starting the week on the front foot. Barring an unexpected rally later on today, oil prices are set to end a six-week winning streak.