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Oil was aided by a mixture of stronger equity...>

OIL: Oil was aided by a mixture of stronger equity indices, a softer USD & price
positive fundamental news flow over the weekend. WTI last trades at $63.77 with
Brent at $67.50, both metrics are up around $0.20.
- Over the weekend Saudi energy minister Al-Falih suggested that OPEC & its
allies may begin to ease the output curbs that are currently in place during
2019. Falih also said that he expects the group to be able to do so without
impacting the market.
- Libyan oil exports are set to be disrupted after the country declared force
majeure on its El-Feel oilfield over the weekend.
- Back on Friday we found out that US oil drillers added to the active rig count
for a fifth consecutive week (albeit only 1 rig was added).
- On the technical front, WTI's $60.57 support confirmed significance with the
bounce from ahead seeing the contract gain traction above the 21-DMA ($62.57).
Bulls look for a close above $63.93 to confirm a shift in focus to $66.39-65
where 2018 highs are situated. Support layers are following J18 higher with
bears now needing a close below $63.09 to gain breathing room.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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