Aggressive Selling in Oil Market Is Over, Says One Trader

The oil market is retracing some of the gains from Friday, but one NYMEX trader believes talk of an oil output freeze is a long term positive. Jeffrey Grossman, President of BRG Brokerage, believes a bottom was put in the market last week. 'I think anything below about $28 was a little bit insane,' he said. Four major oil producers have agreed to freeze production output at January levels, but Iran has not agreed to join the effort. Still, Grossman sees the development as a positive. 'I think with these kind of statements coming out, with the overall perception that maybe we have bottomed out, I don't think the selling will be as aggressive as it has been,' he said. TheStreet's Rhonda Schaffler has details from Wall Street.