Oil backed off in front of US President.........>

OIL: Oil backed off in front of US President Trump's impending decision on the

Iranian nuclear accord, which is due on Tuesday, even though most expect the US

to walk away from the deal. WTI trades at $67.85, while Brent trades at $75.40,

down $0.85 & $0.75 respectively.

- It is worth noting that a report from the NYT suggested that "EU leaders have

been unable to convince Trump on the Iran deal", while an earlier NYT report

noted that it "was unclear whether he would moderate that move, perhaps by

allowing the European nations to move ahead with their economic relations with

Tehran without being penalized by the United States."

- Traders also await Tuesday's weekly API crude inventory estimates.

- WTI bulls took comfort in support emerging on dips back towards the 21-DMA

($67.99 today) last week which provided the base for a rally to fresh 2018 &

3+year highs. Follow through has been lacking courtesy of the Bollinger band top

($70.46) which is a concern for bulls who are currently focused on the daily

bull channel top ($71.63). Bears now need a close below yesterday's low ($69.51)

to gain breathing room and hint at a correction lower.