Oil moved to highs alongside an uptick in.......>

OIL: Oil moved to highs alongside an uptick in risk sentiment late on Wednesday

on the back of the U.S.-EU trade talks.

- This came after oil initially garnered support from drawdowns across the board

in the latest DOE inventory data, before the uptick in U.S. production weighed,

alongside reports of U.S. auto tariff implantation by year end. Crude had very

little reaction to Saudi halting shipments through the Bab el-Mandeb Strait, on

the back of Houthi attacks.

- WTI trades off of best levels. Bulls took comfort in support emerging ahead of

the 100-DMA and the $65.89 support, but still need a close above the 21-DMA

($69.87). Daily studies correcting from oversold add support to the bullish

case. In saying that, while the 21-DMA caps bears remain focused on the

$65.89-66.30 supports.