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.