Oil squeezed out modest gains overnight with....>

OIL: Oil squeezed out modest gains overnight with WTI up around $0.15 at $63.70,

while Brent added $0.20 to trade at $67.65.

- Oil was supported by the latest API crude inventory release, with reports

pointing to a surprise headline draw, with distillates & gasoline stocks also

showing drawdowns, according to reports. Traders now await the official DoE

release, due Wednesday.

- A sources piece released on Tuesday suggested that OPEC has been discussing

changing the measure of success for the OPEC/Non-OPEC supply cuts, which would

potentially move their goal of restoring stockpiles to normal levels further

from reach. That news came after a report that an OPEC/Non-OPEC committee is

said to see market re-balancing by Q3.

- WTI's Feb 26 high at $64.07 provides the initial resistance point, while the

Bollinger band top lies just above at $64.10. To the downside, hourly support

from Mar 20 lies at 63.31.