Oil prices may finally be finding a floor

Oil prices have ebbed and flowed in the past week on hopes that at least some OPEC members will be able to agree a deal with Russia to freeze output. Admittedly, the recent talks have left many questions unanswered, including how Iran will respond. There is also a risk that any deal to freeze (rather than cut) output will simply maintain the excess supply already in the market. Nonetheless, even if the announcements to date do not yet amount to much, they may be the first indication of willingness to act to prevent prices falling further. It is also notable that Brent has managed to hold above $30 per barrel for most of the past four weeks. A sustained recovery may require something more substantial, but for now at least oil prices appear to have found a floor.