July WTI, now our focus ahead of tomorrow’s June expiry, drifted down last night in the US to make the day’s lows at $56.76, trader higher in the Far East and then picking up a bid in London added to by early US traders and meeting the main US session at $58.81. An initial push briefly penetrated $59 but thereafter the rest of the NYC morning was spent trading narrowly either side of $58.75, oil again following US equities and content to mirror their US morning chop. As the session wore on however, and again with equities in the lead crude broke higher, breaking this time decisively above $59 and meeting the last hour of the main US session at $59.43. This period was typically volatile, holding $59.14 to the downside but again pushing higher inside the final thirty minutes at $59.92, and eventually settling at $59.59, recording sharp gains on the day and reversing Friday’s declines.