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OIL: Oil edged lower overnight, but never got anywhere near Monday's lows. WTI
crude traded $0.10 lower at $61.27, while Brent lost $0.15 or so cents, to trade
- On Monday we heard that Libyan production continues to experience issues,
although this was outweighed by bearish factors, as the EIA estimated that US
total shale regions oil production for April will rise by 131,000 bpd. Prices
were also pressured by Genscape's latest est., which reportedly pointed to a
build in inventory at the Cushing hub.
- Traders await the weekly API crude inventory estimates on Tuesday, ahead of
Wednesday's official DoE release.
- From a technical perspective WTI needs a close above $64.07 to return focus to
$66.02-68.21. Bears need a close below $59.18 to hint at a move back to
$53.30-55.40 with below $57.60 to confirm.