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OIL: Crude moved lower overnight, as risk sentiment took a hit & as the latest
API crude inventory estimate reportedly pointed to a headline crude build of
5.7mln barrels. WTI & Brent last trade ~$0.50 softer at $62.11 & $65.25
- Consensus looks for a headline crude build of 2.190mln barrels in Wednesday's
official DoE release.
- Monday's OPEC/Shale producer dinner offered up little in terms of cohesion,
although there was not much expected.
- From a technical perspective for WTI A lack of follow through on dips back to
$60.13 has provided the impetus for closes above 21 & 55 DMAs and seen focus
return to $64.24-97. Bulls now need a close above this region to return initial
focus to $66.39-65 where 2018 highs are noted. Bears now need a close below
$61.10 to confirm breaks of 21 & 55-DMAs and return focus to $57.90-59.59 where
the 100-DMA and bull channel base are noted.