Global macro overview for 26/02/2016:
Oil prices appreciate on the back of Venezuela and Russian oil ministers statements about a possible mid-March meeting where they will continue to discuss output freezing. The other OPEC countries and even non-OPEC countries including Saudi Arabia, Qatar will be in attendance. The Russian Oil Minister supported those comments and shared some details on the proposed oil freeze. Venezuela and Russia are confident that the freeze will stabilize oil prices, but questions remains about non-participants like Iran. The crude oil supply glut still exists, and neither OPEC nor any other supplier wants to reduce the production to tame the oversupplied oil market.
The market has formed the double bottom at 26.06 and now it is struggling to break out above the lows of 33.26 previously reached in 2009. Currently, the sequence of lower lows and higher highs is visible on the H4 time frame chart, which indicates a possible bullish recovery. Nevertheless, as long as the price stays below the level of 34.82, bears are still in control of this market.