Crude prices inched higher on Monday, after suffering two straight weeks of declines.
Saudi Arabia pledged to boost output to 11 million barrels per day, a record high.
In the wake of geopolitical tensions between the United States and Saudi Arabia, Saudi's energy minister says the move is simply to compensate for supply losses elsewhere in the world.
But U.S. lawmakers have been floating sanctions as a possible punishment for the death of journalist Jamal Khashoggi.
On Wednesday, October 17th, WTI Crude dropped 3 percent on higher than expected inventory numbers, sending the commodity's price below its 50-day moving average.
History says the drop below that mark could spark a rebound in the commodity and its related stocks.
Since the end of the Financial Crisis in March 2009, both WTI Crude and the S&P Energy sector tend to trade higher a month later - the S&P Energy gains an average of 2.4 percent, trading positively 77 percent of the time.
WTI crude edges up 1.7 percent, a positive trade 64 percent of the time.