Crude prices surged overnight on the back.......>

OIL: Crude prices surged overnight on the back uncertainty heading into Friday &

Saturday's OPEC+ meetings. The OPEC+ committee has recommended an increase in

production of 1mn B/D, although the actual increase will likely be closer to

600K B/D. Iran protested against the decision as expected, leaving a cloud of

uncertainty hanging over the upcoming proceedings.

- The Baker Hughes rig count data will also provide some interest later today,

but expect the Vienna meetings to dominate.

- Volatile trading continues with WTI remaining capped ahead of layers of

resistance. The $67.50-68.52 resistance region where the 55-DMA is located

remains key. Bulls need a close above $68.52 to end bearish hopes and shift

initial focus back to $70.86-72.70. Bears now need a close below $65.19 to gain

breathing room and below $63.36 confirm a break of the bull channel base and to

reconfirm the bearish bias initially pressuring $61.43.