Piotr Matys, EM FX Strategist at Rabobank, suggests that so far it’s been yet another volatile week for oil prices as comments from various OPEC officials fuelled market speculations that oil producers will not respect the agreement to freeze output as proposed by Saudi Arabia and Russia. Key Quotes “While Brent crude can produce sharp moves on a daily basis, the price action is essentially confined to the USD 32-36 range. If we add a modest dose of technical analysis, Brent crude is in a consolidation mode and we are braced for a break in March/April that could prove crucial to set a clear trend for at least Q2. Further developments in China are the main source of inspiration for commodities. We do not have good news on that front as China’s Shanghai Composite Index plunged 6.41% today - the most since January 26.” For more information, read our latest forex news.