WTI & Brent lost a few cents overnight, with....>

OIL: WTI & Brent lost a few cents overnight, with crude set for its worst week

in 5 months as trade war issues and a resumption in Libyan production weigh.

- Late Thursday saw a letter sent from the UAE energy minister to his Iranian

counterpart, which stated that "the committee overseeing the OPEC/non-OPEC

supply agreement will assess how the coalition complies with its aim of bringing

"overall conformity levels" down to 100%. I can provide firm reassurance that

the [monitoring committee] will closely monitor the situation with a goal of

assuring 100% compliance from OPEC members to the agreed 1.2 million b/d

voluntary reduction in oil production." As the UAE attempts to quell at least

some of Iran's worries stemming from the latest OPEC+ decision.

- Participants will eye the latest U.S. Baker Hughes rig count release due later

today.

- Hesitation ahead of $73.00 has taken its toll on WTI's U18 contract with the

sharp sell-off seeing pressure on the 55-DMA ($68.40). Layers of resistance

building and correcting overbought studies have added additional weight. Bulls

now need a close above $69.93 to gain breathing room.