Oil: Technical considerations are still favorable for higher prices - BBH

Research Team at BBH, notes that the January light sweet crude oil futures are edging higher for the fifth session. 

Key Quotes

“While ideas that an agreement will be struck has been fanned by numerous press report, we continue to have nagging doubts.  Yesterday we noted that many of the biggest cheerleaders are coming from places like Iran and Iraq that seek exemption from any agreement.  Today we note that proposals presented at yesterday's technical meeting called for those two countries to participate in cuts.  Meanwhile, to prepare for a freeze in output, some producers, like Russia have boosted production.  That said, technical considerations are still favorable for higher prices.”