Oil is seeing a nice bounce - BBH

Research Team at BBH, notes that the oil is seeing a nice bounce, driven by optimism regarding some sort of output freeze as well as some bullish inventory data.

Key Quotes

“Kuwaiti official said that OPEC can agree on an output freeze even if Iran doesn’t participate. We note that this is contrary to Saudi comments that all major producers must participate. OPEC meets April 17 in Doha. Elsewhere, API reported an unexpected drawdown in crude inventories. DOE reports its inventory today, where there is clearly risk to the consensus 2.965 mln barrel increase.”