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Oil was happy to consolidate Thursday's DoE.....>

OIL: Oil was happy to consolidate Thursday's DoE inventory inspired gains, with
WTI & Brent virtually flat overnight at $62.80 & 66.35 respectively.
- The move higher in Asian equities acted as a supporting factor but the
"surprise" DoE headline crude inventory draw (as indicated in the API inventory
est.) provided the focal point for crude over the last 24 hours.
- From a technical perspective WTI's $60.57 support confirmed its significance
with the bounce from ahead seeing the contract trading above the 21-DMA
($62.48). 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 $62.12 to gain breathing room and below
$60.57 to shift focus back to $57.90-58.58 where the 100-DMA is noted.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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