Oil: Strong week for light sweet crude oil - BBH

Analysts at BBH points out that light sweet crude oil had a strong week as the 5.5% gain is the best weekly performance since the first reaction to OPEC's agreement to cut output.  

Key Quotes

“Last week and the previous week, the May contract tested the $47 a barrel level, and it held.  The move back above $50 met the minimum objective of the double bottom pattern.  The technical indicators are favorable, and the $51.00-$51.20 area is the next objective, but near-term potential extends toward $52.00-$52.25.”