Crude moved lower overnight, as risk............>

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

respectively.

- 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.