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WTI consolidated above above $62.00, to last....>

OIL
OIL: WTI consolidated above above $62.00, to last trade at $62.20, while Brent
crude futures last trade at $65.40, as the space operated in a resilient manner
despite lower equity prices and a moderately stronger USD in Asia-Pac hours.
- The space has been supported by comments (made on Monday) from OPEC Secretary
General Barkindo, who noted that "market re-balancing has gained massive
momentum."
- Elsewhere issues with the Libyan budget could hinder crude production in the
country. 
- Traders also await the weekly API crude inventory estimates after hours on
Tuesday, ahead of Wednesday's official DoE release.
- For WTI daily techincal studies correcting from very O/S are well placed for
gains following the bounce from ahead of the 100-DMA. The contract is gaining
traction above the 55-DMA ($61.14) adding to bullish confidence. Overall bulls
look for a close above $63.94 to initially target 2018 highs. Bears now look for
a close below $60.57 to gain breathing room and below the 100-DMA to target the
200-DMA ($53.64).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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