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In One Chart: How oil prices are trapped in a vicious circle, in one chart

Oil is on track for a sizable weekly gain, thanks in large part to Saudi Arabia sparking hopes for a production freeze.

But skeptics are pointing out that we’ve heard this song before.

Traders can’t shake off a sense of déjà vu, given that major oil producers failed to reach a pact to ice output earlier this year.

Financial blogger Standard & Poorski has tweeted out a chart that illustrates the vicious circle that oil prices look stuck in:

@Stalingrad_Poor

On Friday, West Texas Intermediate crude futures CLU6, +0.07% were on track for a weekly gain of more than 4%.

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