Has the precipitous slide in oil prices ended? For a couple days, at least. As The Wall Street Journal reported Friday, oil futures gained for a second straight day.
Here’s a (possibly prescient) quote from an analyst about where prices are going:
“I think we have seen a peak in downside momentum,” Citigroup Inc. analyst Tim Evans said. “We have probably seen a peak in the fear of demand weakness and the fear that OPEC may just stand back and let it drop. At this point I think the feel of panic over that possibility has probably eased.”