Oil prices have remained insulated from the.....>

OIL: Oil prices have remained insulated from the collapse in EM FX, with both

Brent ($72.94) and WTI ($67.61) remaining in sideways trading patterns. That

said, risks appear tilted to the downside as the dollar's recovery continues. 

- While the 100-day rolling correlation between EM FX and Brent remains negative

for now, it has historically been highly positive and any return to positive

territory would be negative for oil.

- For Brent, key support comes in at $71.40, corresponding to Friday's lows,

while resistance lies at the 55-DMA at $74.86. For WTI, Friday's low of $66.14

also marks support, corresponding to the uptrend from the Feb lows. $70.00 marks

the initial resistance level.