OIL: July Nymex WTI crude prices were volatile yesterday ahead of today's OPEC meeting, with a mix of opinion over whether the cartel will raise quotas. The WTI contract lagged the rise in Brent crude with the premium over WTI widening to a record $17.39 at one stage, but both contracts closed the day higher. The EIA published its short term Energy outlook with expectations of an average of $102 for WTI in June. The API reported a very large 5.51mmbl draw in crude inventories which was well above the 1.5mmbl expected by analysts, prompting a sharp rally from the earlier lows of $97.74 in early NY trade. July crude jumped to $99.70 before closing at $99.09. Asian markets have seen a sharp reversal again this morning with prices slipping back to $98.40 from an early rally of $99.77. Support today is seen at $97.38 and $95.67 with resistance at $100 and $100.80. Focus will be on the OPEC meeting and this afternoon's more definitive inventory data released by the DOE at 1430GMT.

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