Long Term Trade: #USO
Oil is higher on API data.
The fundamentals that sent oil from $100 to $30 have not significantly changed, but sentiment has. The market is no longer fearful of a large collapse in oil, with confidence boosted by expressions of production freezes by various nations.
OPEC has agreed to freeze production around 32.5 million barrels a day from current levels of 3333.25. However, agreeing to freeze production and actually freezing production, are two different things.