Oil: Momentum may be slowing - BBH

According to the analysts at BBH, the oil prices momentum may be slowing as the May light sweet crude oil futures contract approaches $54 a barrel.

Key Quotes

“Oil closed higher for the third consecutive week, falling in only one session each week.  The momentum may be slowing as the May light sweet crude oil futures contract approaches $54 a barrel. Above there lies the high set earlier this year on the continuation contract was near $55.25.  Technical indicators appear to be getting toppish, warning that participants should be on the lookout for a reversal pattern to signal a corrective phase.  The five-day moving average has been offering support in the run-up, and it is found near $53.”