Crude oil comment: Fundamentally very tight, but technically overbought

Technical pullback this morning even as the dollar weakens.

Brent crude gained another 1. 6% yesterday with a close at USD 81.

01/b and an intraday high of USD 81.

68/b which was the highest level since mid-August.

The gain yesterday was supported by strong, further gains in the 1-3 mth time-spreads.

This morning Brent is pulling back 0.

6%.