Crude has continued to slide on Monday, with....>

OIL: Crude has continued to slide on Monday, with WTI & Brent both losing over

$1.50 to trade at $66.20 & 74.80 respectively. Over the weekend reports

suggested that the "Joint Technical Committee of OPEC & non-OPEC nations show

that producers' target of reducing global oil stockpiles to 5-year average was

reached in April & dropped below that." There were also suggestions that

OPEC/Non-OPEC nations may agree add up to 1mln bpd worth of production at the

Jun 22 meeting. While Russia's Energy Minister Novak suggested that "a return to

the oil production levels that were in place in Oct '16 is one of the options

for easing curbs." This all came after the weekly Baker Hughes rig count data

showed that US drillers added 15 oil rigs in the latest week.

- WTI's hesitation around the daily bull channel top provided the impetus for an

aggressive break of $70.24 on Friday. Focus has shifted to the $63.87-65.38

support region with the contract currently trading below the 55-DMA {$66.78).

Bears now look for a close below the April 05 high ($63.87) to confirm a break

of the 100-DMA ($64.48). Bulls now need a close above Friday's hourly support

($68.30) to shift focus higher.