Oil: Prices under pressure - BBH

Light sweet crude oil for March delivery finished off about 1% last week, which was the second week in the past three that prices moved lower, points out the research team at BBH.   

Key Quotes

“A stronger US dollar and supply concerns seemed to be the main considerations, even though the two biggest US oil explorers (Exxon and Chevron) reported disappointing production-and profits-).  The technicals indicators are decidedly bearish.  The Slow Stochastics did not confirm late January high, leaving a bearish divergence in its wake.  The RSI and MACDs are moving lower.  The low for the week was set on Wednesday near $63.65, ahead of that, there maybe bids near $64.15, where the 20-day moving average is found.”