WTI & Brent managed to print modest gains in....>

OIL: WTI & Brent managed to print modest gains in early dealing this week,

shaking off the uptick in active U.S. oil rigs.

- An FT report noted that Saudi Aramco's CEO believes that "the oil industry

risks a supply crunch as big energy companies focus on US shale and other

short-term efforts over the long-term mega-projects seen in years past."

- Elsewhere Iran's oil minister accused U.S. President Trump of insulting OPEC

by demanding that it increased its output to reduce oil prices, adding that his

own county's production & levels of exports had not changed as a result of the

U.S. pressure. He went on to stress that oil prices may reach $100 in the case

of Iranian supply being removed from market.

- Very overbought daily studies remain key concerns for WTI bulls and limit

follow through. Below $72.14 is now needed to hint at a move back to

$69.44-70.02 with a close below $71.40 to add weight to their case. While $72.14

supports bulls retain an advantage with focus remaining on bull channel tops.