The recent price action echoes the November–January pattern, showing weak conviction among the “buy the dip” crowd.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.

Oil prices slipped as major economies announced joint efforts to stabilize energy markets.