Oil: Downside momentum eased and technical tone has improved - BBH

Research Team at BBH, notes that the price of the January 2017 light sweet crude oil futures has risen only in one of the last seven sessions.

Key Quotes

“It was a roughly 5.6% gain Tuesday on ideas that maybe Russia will participate in OPEC's attempt to reduce supply.  It more than offset the string of losses and was sufficient to snap a  three-week air pocket, as the market grew suspicious of a meaningful accord.   The point is that the downside momentum has eased and the technical tone has improved.  A move above $47 would be constructive and set up another test on the $50 threshold.”