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Here Are a Few Signs That Oil Prices Will Stabilize at $30

Oil prices have been flirting with $30 a barrel, a price one analyst calls a ‘stabilization level.
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Oil prices have been flirting with $30 a barrel, a price one analyst calls a ‘stabilization level.’ ‘There is some evidence that we could be starting to find a base in oil prices,’ said Michael Hewson, chief market analyst at CMC Markets, based in London. ‘I do think [$30] is a fairly good stabilization level.’ He said various OPEC producers are talking about a deal with Russia in an effort to reduce oil production to slow the precipitous declines in oil seen in recent weeks. He also said the fact that investment banks continue to revise down their oil price forecasts is a sign that a bottom in oil may be in sight. Oil prices have slumped 19 percent since the start of the year and 44 percent over the past 12 months. TheStreet’s Scott Gamm has details from Wall Street.

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