Oil: Prices guided by technical - BBH

Analysts at BBH point out that oil prices fell almost 3.3% last week and managed to avoid a four-day losing streak by a late recovery before the weekend.     

Key Quotes

“Light sweet crude oil for April delivery approached $60 a barrel, a two-week low, before rebounding, perhaps helped by the heavier dollar.    A break would target the February lows near $58. A larger than expected oil inventory build in the US appeared to have gotten the ball rolling.  US crude inventories have risen in four of the past five weeks for a total of almost 12 mln barrels.  Also, OPEC output has been lower than usual due to Venezuela and UAE.”