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OIL: Another quiet Asia-Pac session for oil after a sharp drop on Wednesday
following, WTI last trades up $0.10 at $46.88 after dropping from around $47.80,
so far this week WTI is down 3.91%.
- Oil initially rose after DoE figures showed a larger than expected draw in
headline crude stocks, a drop of 8.945mln against expectations of a 3.002mln
drop to print the biggest fall in stocks since September 2 2016, and the 6th
biggest fall since 2012.
- However the increase proved to be shortlived after reports that production hit
the highest levels for 2-Years with the biggest weekly production gains since
- MNI technical analysis sees support at $49.98 low Aug 15, resistance is seen
at $50.67 hourly resistance Aug 16. The lack of follow through above the 200-DMA
last week has been followed up with losses that see bears focused on the 55-DMA.
Support emerging ahead of the 55-DMA is less than ideal for bears who look for a
close below the 55-DMA to initially target $47.78-48.26.

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