Over the weekend, the OPEC oil cartel, Russia, the U.S. and other oil-producing nations agreed to a collective oil production cut of around 13%, which amounts to 9.7 million barrels per day. The oil futures markets had pretty much already factored into their prices the cut. The crude oil bears remain in firm near-term technical control as prices languish at the lower levels. It will take a move in Nymex crude prices above $30 a barrel to revive the bulls and to suggest a near-term price uptrend can be sustained.