Crude ticked higher overnight, with WTI &.......>

OIL: Crude ticked higher overnight, with WTI & Brent adding around $0.30 to last

trade at $66.50 & $71.70 respectively.

- Monday brought comments from Kuwait's oil minister, who noted that OPEC &

non-OPEC producers will consider extending their production limits into 2019.

- Meanwhile, traders await the weekly API crude inventory estimate on Tuesday,

with analysts looking for a headline crude draw in Wednesday's DoE release.

- Fresh 2018 highs for WTI lacked follow through leaving a bearish key day

reversal in place and initial pressure on the April 12 low ($65.94). Bears now

look for a close below hourly support from April 11 ($65.68) to shift initial

focus back to $64.10-66 where the 21-DMA is located. Resistance layers building

adds to bearish confidence. Bulls need a close above yesterday's hourly

resistance level ($66.92) to gain breathing room and above 2018 highs to

reassert dominance and initially target the bull channel top.