The major crude benchmarks posted modest........>

OIL: The major crude benchmarks posted modest gains overnight with WTI adding

$0.20 and Brent adding $0.15 to trade at $72.45 & $79.35 respectively.

- US President Trump has prohibited Americans from buying Venezuelan gov't debt,

in addition to debt linked to the state owned oil company following the

re-election of Venezuelan President Maduro, which leant support to crude on

Monday.

- Iranian tensions continue to simmer, after US Secretary of State Pompeo

outlined a fresh batch of sanctions on Monday.

- Traders now await the weekly API crude inventory estimate due Tuesday, ahead

of Wednesday's official DoE inventory release, with analysts looking for a

drawdown in headline crude, gasoline & distillate stocks this week.

- Pressure remained on WTI's daily bull channel top last week with bulls

currently focused on the $73.25-74.58 region where the weekly bull channel top

is located. Overbought studies and daily momentum divergence are key concerns

for bulls. In saying that, bears now need a close below the May 17 low ($71.09)

to gain breathing room.