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OIL: Crude printed modest gains overnight, with WTI & Brent $0.10 higher at
~$62.70 & ~$65.65 respectively.
- The latest private estimate reportedly suggested that crude stocks at the
Cushing hub will show a draw this week, as traders await Tuesday's API estimate,
followed by the DoE crude inventory release on Wednesday.
- The latest Cushing stock estimate outweighed Monday's reopening of Libya's
Sharara oilfield & the IEA estimating that US crude production will rise by
2.7mln bpd by 2023.
- For WTI, a lack of follow through on dips back to $60.13 has provided the
impetus for a close above 21 & 55 ($61.87) DMAs and sees 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.