Crude edged lower overnight with reports of.....>

OIL: Crude edged lower overnight with reports of Saudi offering additional crude

stocks to Asia adding additional weight after a report on Friday pointed to the

Trump administration considering a tap of the SPR to push prices of gasoline

lower ahead of the U.S. mid-terms.

- The latest Baker Hughes rig count data, released Friday, pointed to an

unchanged number of active U.S. oil rigs.

- WTI's hesitation ahead of $73.00 has taken its toll on the U18 contract with

the sharp sell-off pressuring crude under the 55-DMA ($68.42). Bears now look

for a close below $67.76 to confirm a break of the 55-DMA and shift initial

focus to $65.79-66.77 where the 100-DMA is noted. Layers of resistance building

and correcting overbought studies have recently weighed. Bulls now need a close

above $71.13 to shift focus higher.