- Crude oil operated in narrow ranges...........>

OIL: - Crude oil operated in narrow ranges overnight as the dampened risk

sentiment was balanced by the decline in the dollar. Oil futures are on track to

post losses this week with WTI hovering around $61.00 last & Brent around

$63.88.

- Markets await Friday's weekly Baker Hughes Rig Count Data & Mondays meeting

between OPEC & US shale producers.

- From a technical perspective losses have defined the week so far with bulls

now needing a close above the 21-DMA to ease bearish pressure and above $64.97

to return initial focus to $66.39-65 where 2018 highs are noted. While the

21-DMA caps bears remain focused on layers of support $57.90-59.60 where the

100-DMA ($58.82) and daily bull channel base ($59.11) are situated. Correcting

O/B studies add weight to the bearish case.