WTI & Brent futures lost a little over $0.30....>

OIL: WTI & Brent futures lost a little over $0.30 a piece to trade at $62.00 &

$65.90 respectively after a strong rally on Friday was tempered by US drillers

adding rigs in the latest weekly rig count data.

- In an address over the weekend Russian oil minister Novak noted that the

country was committed to seeing the current OPEC/Non-OPEC pact through to

completion, which could involve prolonging the cuts into 2019 if necessary.

Although Novak did note that discussions about an exit strategy may commence in

June.

- For WTI, support emerging on dips back towards the key $59.18-91 support

region provided the impetus for a close above 21 & 55-DMAs Friday with focus on

$63.05-64.07. Bulls need a close above $64.07 to return focus to 2018 highs with

the Bollinger band top their key concern. Bears now need a close below $61.60 to

ease bullish pressure and below $59.18 to hint at a move back to $54.10-55.90

with below $57.60 to confirm.