Earlier this week, Saudi Arabia sent indications that it could consider adjusting its price and production forecasts in an effort to stabilize global energy markets. Last November, OPEC rattled markets worldwide when it left its production ceiling above 30 million barrels per day. The position triggered an extended battle with U.S. shale producers for market share, flooding markets with a glut of oversupply. As a result, crude futures have slumped by more than 40% over the last year spending the majority of 2015 near lows not previously seen since the Financial Crisis.

upside correction of 43.60 and 44.75 where as a

down side of 40.80 and further low of 39.00 is likely .