The major oil metrics shed around $0.30, with...>

OIL: The major oil metrics shed around $0.30, with WTI last trading at $67.95 &

Brent trading around $74.45.

- This came as the leaders of South & North Korea met and struck a generally

upbeat tone re: relations going forwards.

- Traders also continue to monitor the Iranian nuclear deal situation.

- This all came after reports suggested that the latest Genscape Cushing

inventory data (released on Thursday) pointed to a build of ~734K barrels.

- As ever traders will eye the latest Baker Hughes rig count data due later

today.

- The rejection ahead of 2018 highs on Tuesday is a concern for bulls when

combined with daily studies correcting from overbought and the proximity of the

Bollinger top ($70.22). Bears now look for a close below Wednesday's low

($67.11) to gain breathing room and hint at a correction back to $65.96 where

the 21-DMA is found. Bulls need a close above the YtD high ($69.55) to reconfirm

focus on $70.94-73.25 where the medium term bull channel top is noted.