WTI & Brent shed $0.30 & $0.50 respectively.....>

OIL: WTI & Brent shed $0.30 & $0.50 respectively after Donald Trump continued

his Twitter-based tirade against OPEC, tweeting "the OPEC Monopoly must remember

that gas prices are up & they are doing little to help. If anything, they are

driving prices higher as the United States defends many of their members for

very little $'s. This must be a two way street. REDUCE PRICING NOW!"

- The reference to gas prices here is key, and shows the political motivation

behind Trump's message. He seeks to underline his thinking that OPEC is the

culprit behind higher gas prices, ahead of the US mid-terms, in a push to get

consumers feeling the squeeze from higher fuel costs onside.

- WTI bears now need a close below $73.50 to gain breathing room. Below $72.18

is needed to hint at a move back to $69.44-70.02.

- Participants await the weekly DOE inventory data, scheduled for later today.

As a reminder reports suggested that the latest API oil inventory data revealed

a large draw in headline crude stocks earlier this week.