In view of the analysts at BBH, oil prices traded volatile in the previous week as in the middle of last week, the oil rallied by the most since OPEC agreement was struck.  

Key Quotes

“The 3.2% rally was followed by another percentage point advance the following day, before consolidating ahead of the weekend.   The rally managed to retrace 38.2% (~$47.75) of the last leg lower than began near $54.15 on April 12.  The 50% retracement is found at $49.00.  EIA and continued to revise up its US output estimates.  More broadly, non-OPEC countries are making up for a large fraction of OPEC's cuts.  There may be a reluctance to commit to rolling the output restraints over for more than six months, but there is the talk of a year extension.”

 

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