CITI: Here is the key level to watch for oil

Oil has had a great two months. West Texas Intermediate crude oil was trading below $44 per barrel in the middle of November before speculation began to mount that OPEC producers would cut production at the cartel's November 30 meeting. 
The energy component rallied into the meeting and spiked more than 24% to almost about $54 per barrel into year-end as OPEC producers agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million and non-OPEC producers announced th