Oil: limited upside from here - BTMU

Analysts at Bank of Tokyo Mitsubishi explained that Fed Chair Yellen in her New York speech in March cited the plunge in crude oil prices in January and February as a key factor for undermining investor sentiment in the emerging market world. 

Key Quotes:

"Today, OPEC meets in Vienna with low expectations of any production cap deal being reached. There is speculation of a broad OPEC production cap being agreed but market participants are rightly sceptical of any credible, workable deal being reached. Indeed reports from Vienna now suggest no production cap has been agreed."

"Given the potential for US shale drilling activity to show some revival at crude oil prices over USD 50pbl, it is not surprising that OPEC has shunned a production cap. Given crude oil prices have already advanced by over 80% from the low in February, we see limited upside from here over the short-term."