Another quiet Asia-Pac session for oil after....>

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

June.

- 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.