Oil prices regained some ground on Thursday, after steep losses in the previous session, as leading Gulf oil producers signaled a likely extension of OPEC-led supply cuts beyond the middle of the year.
The S&P 500 futures are trading beneath several key trendlines, and volume trends look neutral to bearish. To me there is no major indication of a big reversal higher, however, we may be stuck in a range for the near-term. The 2320 area is key support, and the next major level is the breakout point from the beginning of this year at approximately 2290.
Oil edged higher on Wednesday as OPEC said it was committed to eroding a global surplus of crude, but increasing shale production in the United States and still-high global stocks threatened to pull prices lower.