The major crude benchmarks consolidated.........>

OIL: The major crude benchmarks consolidated Wednesday's gains overnight,

despite the headline build in Wednesday's DOE crude inventory headline, as

gasoline demand & a slip in refinery utilisation provided the impetus for crude

to move higher in the wake of the report.

- Elsewhere the latest OPEC JMMC meeting saw ministers report their intended

production levels for July, as opposed to setting firm quotas. Monthly phone

meetings are set to take place from now on.

- WTI's topside hesitation took its toll with the correction from last week's

lows stalling ahead of the $71.13 resistance. The sell-off Monday sees immediate

focus back on the 100-DMA ($66.05) and overall focus return to the June monthly

low ($62.99). Daily studies correcting from oversold are a concern for bears.

Bulls need a close above the 55-DMA ($68.44) to gain breathing room and above

the 21-DMA ($69.40) to shift initial focus to $71.13.