Energy Future Update

Traders brushed off OPEC comments and an output cut of a combined 170 000 barrels/day from Nigeria and Venezuela to send Oil $2 lower, sending a bearish sign to the Market.
Nevertheless Oil is still in the same range at $64-60. Even if we had a rejection yesterday we can not draw any strong conclusion yet as the market is still sideway.
This range should hold for the short term.
Though watch for the $60.80 level to hold this morning or we could retest the lows.