Crude took a hit on the back of the continued...>

OIL: Crude took a hit on the back of the continued uptick in the USD, with WTI

last trading $0.60 lower at $61.20 & Brent $0.50 lower at $64.75.

- Markets await the release of the latest API crude inventory estimate due on

Wednesday, with analysts expecting a headline build of 2.305mln barrels in this

week's DoE inventory release, due Thursday.

- The space has paid more attention to comments from the US Deputy Energy

Secretary, who on Tuesday noted that "US oil output is set for Phenomenal

Growth", than to comments from the UAE Energy Minister who stated that the UAE,

Saudi Arabia & Russia support extending energy co-operation beyond 2018.

- Negative pressure from Wall St. likely added to crude's woes as well. 

- Hesitation ahead of the 21-DMA at $62.71 is a concern for bulls who continue

to look for a close above $63.94 to initially target 2018 highs ($66.65). Bears

continue to look for a close below $60.57 to gain breathing room and below the

$57.88 support to confirm a break of the 100-DMA ($58.34) & target the 200-DMA

($53.70). Bulls need a close above the 21-DMA to add support to their case.