Both WTI and Brent sit marginally higher this...>

OIL: Both WTI and Brent sit marginally higher this morning in what has been a

fairly uneventful overnight session. However, both sit notably below yesterday's

highs with WTI around $2 lower and Brent around $2.50 lower after yesterday's

pullback on reports that Saudi Arabia will increase its production in July and

not extend the additional voluntary cuts that were agreed for June. The OPEC+

agreement over the weekend did see production cuts extended through July, but

Saudi Arabia and some other producers in the Gulf had voluntarily cut production

more than this in June.

- Our technical analyst notes that despite the pullback, the technicals still

point in a bullish direction with both benchmarks having moved above the

psychological $40 level in recent sessions.