Research Team at BBH, notes that the oil prices remain firm near eight-week highs. Key Quotes “The market appears to be putting more emphasis on US output than inventory accumulation. While Saudi Arabia, Russia, and a few others have agreed to freeze output at the elevated January levels, US output has fallen. With yesterday's government report, the cut in output has extended for the sixth week and now is at its lowest level since November 2014. At the same time, the government reported that inventories rose by a dramatic 10.4 mln barrels. This is more than a day's output (roughly 9.08 mln barrels a day). Inventories in Cushing rose for the fifth week and are at new record highs. One of the consequences of the recovery in oil prices is the rising 10-year break-even measure of inflation expectations.” For more information, read our latest forex news.