Crude oil prices have rallied by more than 30% since early February and investors are growing more confident that a rebound is in order. Have oil prices finally turned a corner?
The sudden wave of cautious optimism surrounding the direction of oil prices can be boiled down to the decline in U.S. oil production, a trend that is starting to pick up pace. While U.S. oil producers managed to stave off significant production declines in 2015, drillers are finally starting to capitulate with oil prices in the mid-$30s per barrel and below.
