Oil dipped as risk sentiment took a hit, with...>

OIL: Oil dipped as risk sentiment took a hit, with WTI & Brent last trading

around $0.40 lower at $62.65 & 66.23 respectively.

- A modest headline crude build alongside a larger than expected distillate

build in the latest API inventory estimate also did little to help crude bulls

in front of Wednesday's official DoE release.

- OPEC delegates are set to have dinner with US shale firms on Monday, so the

market will be on the lookout for any fallout from that particular gathering.

- From a technical perspective failure to better Monday's high and the

hesitation ahead of $64.96 combined with O/B studies are a concern for bulls and

leave the pair looking a little heavy. The close below $63.06 eases bullish

pressure with bears now looking for a close below $60.57 to shift focus back to

$57.90-58.96 where the 100-DMA ($58.96) is noted. Bulls now need a close above

$64.96 to regain the upper hand and target $66.39-65 where 2018 highs are noted.