Crude futures managed to post modest gains......>

OIL: Crude futures managed to post modest gains with WTI trading $0.10 higher at

$60.80 & Brent trading $0.05 or so higher at $64.70.

- The latest API crude inventory estimates reportedly showed draws in both

gasoline & distillate inventories, as well as a fall in stocks at the Cushing

hub. Headline Crude stocks also posted a smaller than expected build according

to the reports.

- Traders await the official DoE inventory release release on Wednesday.

- Despite bouncing from the $59.18-91 support region last week where the 100-DMA

and bull channel base ($59.47) are located, WTI's failure to gain traction above

the 55-DMA is a concern for bulls who are focused on $63.05-64.07 this week.

Overall a close above $64.07 remains needed to return focus to $66.02-68.21.

Bears need a close below $59.18 to hint at a move back to $54.10-55.90 with

below $57.60 to confirm.