Brent Crude oil extended two year gains and.....>

OIL: Brent Crude oil extended two year gains and crude oil reached levels last

seen March this year in the Asia-Pac session as OPEC members show more signs

they will officially extend supply cuts come month end. Iraq which is the second

biggest producer backed extended the curbs for a further 9 months and Saudi

Arabian and Kuwaiti ministers said longer cuts are needed.

- Sweet crude oil last at $54.83 and Brent crude oil last at $60.89.

- Markets look to the Baker Hughes Rig Count 1700GMT/1300NY

- MNI Technical analysis sees support at $1272.5 - Hourly support Nov 1 and

resistance at $1284.1 - High Nov 2. Hesitation ahead of the 200-DMA continues as

do higher daily lows although the break of the 21-DMA and $1283.7 resistance has

so far lacked follow through. Bulls now need a close above $1284.1 to shift

initial focus to $1291.1-1296.5 where the 55-DMA is found.