Oil prices heading towards fifth consecutive week of gains - BBH

Research Team at BBH, notes that the rally in oil prices is continuing and although oil prices are marginally extended yesterday's losses, it looks like the fifth consecutive week of gains. 

Key Quotes

“The momentum is slowing.  In the last week of September, prices rallied nearly 8.5%.  In the first three weeks of October, the pace has been 3.25%, then 1.1% and this week 0.5%.  Comments from various oil officials, from Saudi Arabia to Russia, Nigeria, and Iran, seem to have contributed to an increasingly cautious stance toward any output freezes or cuts.  To lend credence to our sense that oil prices may be rolling over, the December light sweet contract needs to break below the $49.70 area, which is about a dollar lower from prevailing levels.”