Crude printed modest losses overnight, with.....>

OIL: Crude printed modest losses overnight, with WTI printing around $0.10 lower

at 60.20, and Brent also $0.10 lower at $63.80.

- Crude is set to post a second consecutive weekly loss as concerns over US

supply linger. It is also worth noting that reports suggested that the latest

Genscape Cushing estimates pointed to Cushing inventory builds.

- For WTI the failure to gain traction above 21 & 55-DMAs ($61.36-05) has left

the contract looking heavy, with immediate focus on the bull channel base and

100-DMA at $59.57 & $59.31 respectively. Bears need a close below the 100-DMA to

hint at a move back to $53.30-55.37 with below $57.90 to confirm. Layers of

resistance are building and weighing with bulls now needing a close above $61.65

to gain breathing room and above $64.24 to hint at a move back to $66.39-65.