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.”