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WTI trades around a $1.00 softer than...........>

OIL
OIL: WTI trades around a $1.00 softer than Friday's settlement at $66.81, with
worry over the production levels of the OPEC+ nations going forwards as Russia &
Saudi Arabia signalled that they are mulling the easing of production curbs for
the group.
- WTI's hesitation around the daily bull channel top provided the impetus for an
aggressive break of $70.24 on Friday from which the contract hasn't looked back.
Focus has shifted to the $63.87-65.38 support region with the contract flirting
with the 55-DMA. Bears now look for a close below the April 05 high ($63.87) to
confirm a break of the 100-DMA and target a move lower. Bulls now need a close
above the May 25 low ($67.42) to gain breathing room.
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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