Qatar, Russia, Saudi Arabia and Venezuela have been in discussions to hold output steady at January levels, but only if other producers followed suit. Russia is the largest non-OPEC producer of oil and natural gas, though the country prefers higher prices even more so than Saudi Arabia.

Oil’s “14-day RSI recently cycled into overbought territory, a sign for buyers to take their foot off the gas (pun intended). The daily MACD is also rolling over. Commercial hedgers (smart money), which recently had their most bullish exposure in the past 3 years, have started to lower their exposure of late. This could be an early warning that this move into the $40’s may be it for this initial rally. Sentiment has improved, but has not yet reached neutral territory. All in all, this may lead to a pullback for crude oil and related energy stocks,” according to See It Market.

Traders looking to profit from falling oil prices have plenty of ETF options, including the ProShares UltraShort Bloomberg Crude Oil (NYSEArca: SCO), which tries to reflect the two times inverse or -200% daily performance of WTI crude oil, and DB Crude Oil Double Short ETN (NYSEArca: DTO), which also follows a -200% performance of oil, jumped 17.4%. Lastly, the VelocityShares 3x Inverse Crude (NYSEArca: DWTI) takes the three times inverse or -300% performance of crude oil.

United States Oil Fund