Both Brent & WTI added $0.40 in Asia, with......>

OIL: Both Brent & WTI added $0.40 in Asia, with the former sitting at $64.75 and

the latter at $61.75. WTI trades up a little over 4% on the week, while Brent is

up around 3% over the same horizon. The space was supported by a softer dollar

and continued gains in Asian equities outweighing the increase in US production,

with participants awaiting the weekly Baker Hughes US rig count data. Prices

were also supported by Thursday's announcement from the UAE Energy Minister who

noted that oil producers led by Saudi Arabia and Russia aim to draft an

agreement on a long-term alliance by the end of this year. If WTI is to continue

higher, it needs to clear the Feb 8 high of $61.82, while initial support lies

at $60.57, which previously acted as resistance on Feb 15.