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28 Aug 2017
Oil: Losing streak extended for fourth week - BBH
Analysts at BBH point out that light sweet crude extended its losing streak to the fourth week and the 1.8% decline was the largest in six weeks.
Key Quotes
“The decline was largely a function of the pullback from the unusually strong gain (3% on August 18, the most sin nearly a month) and the tone for most of the week was consolidative. The technical indicators are encouraging, and the anticipated pullback in the dollar may also lend support. The $48.60-$49.00 band offers initial resistance, and it also corresponds to the 20-day moving average. A break of $46.60 would neutralize this bullishness, while a break of $45.50 would warn that the recovery since mid-June has run its course.”