Analysts at Brown Brothers Harriman noted that the price of oil surrendered gains initially fueled by an agreement led by Saudi Arabia and Russia to freeze output, provided others would. Key Quotes: "However, the gesture was quickly understood to be hollow. The Iranians cannot agree to it. Otherwise, they would have suspended their nuclear ambitions for naught. Moreover, data suggests that both Saudi Arabia and Russia boosted their output in January. Many other oil producers (outside of Iran) have little spare capacity. The price of oil closed slightly lower on the week. The April Brent and light crude futures contracts finished on a weak note. The technical indicators are mixed. Our bias is on the downside. The low for the April light crude contract was set near $28.75 in both late-January and early-February. This area may be retested. However, if the low is double-bottom, the April contract needs to rise above $35.00-$36.50 area." For more information, read our latest forex news.