Brent closed last night at $64.95 down 0.54, WTi closed down 0.68 to $61.36 and Bitcoin closed at $9,098. George Orwell once said, "During times of universal deceit, telling the truth becomes a revolutionary act". This was used at the start of the documentary film Icarus, which I implore you to watch btw. However, I also feel it befitting of the current state of the oil market. We have been hovering around the $65/bbl mark on Brent for the best part of a month now. Quite why $65 has been chosen I'm not sure, I can only imagine it's where the funds are comfortable in order to keep the fat cats upstairs happy but in essence we are trading around a pivot point because the market is waiting to make a move. Let's face it, the fundamentals are in no way better than they were 2 years ago and on 14 March 2016 Brent was trading at $39.53. There is still too much oil and the 2018 oil demand forecast is expected to be up 1.4mn bbls per day this year, down from last year’s demand growth of 1.6mn bpd. Not great. I see this week as one which may cause the next range of trading levels on crude come to the fore. Forget US stock levels they are only important for the more lunatic of a trader. It will be the monthly IEA report, which is due out on Thursday. And also US production figures - surely weeks of incessant growth from the US is going to yield a bearish result sooner or later. Now usually I am not one for thinking that the market will react violently to monthly reports but trading patterns on crude of late have just shown me that the market is hesitant. OPEC are more than likely to have something up their sleeve to react to this eventuality mainly because they can't duck their head in the sand forever like a frightened ostrich. We shall see however, in the meantime I think we will float around this $65 per bbl mark until Thursday. Good day.