The major crude benchmarks edged a tad lower....>

OIL: The major crude benchmarks edged a tad lower over night, but were broadly

stable, WTI last trades at $71.30, while Brent trades at $77.30.

- This comes after increased middle tensions & the US walking away from the

Iranian nuclear accord earlier in the week, which has underpinned the space.

- Traders now await the weekly Baker Hughes rig count release, due Friday.

- Wednesday's sharp & sell off was short lived and aggressively reversed

resulting in fresh 2018 & 3+year highs, with bulls currently focused on the

channel tops. Bears now need a close below hourly support from May 09 ($70.46)

to gain breathing room.