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Crude oil has crept up in the Asia-Pac..........>

OIL
OIL: Crude oil has crept up in the Asia-Pac session to $52.14 moving up around
$0.36 after oil dipped aggressively on the overnight when news broke that Kurds
agreed to retreat from areas that the Iraqi army is trying to reclaim, easing
some tension. Crude oil then in contrast came back up and then some after U.S.
API data said inventories declined by 7.13mln barrels, government data out ET
Wednesday is forecast to show declines in stockpiles too.
- OPEC have said they will extend the output cuts to the end of 2018 and won't
allow President Trump's threats on Iran deal to affect production.
- MNI Technical analysis sees support at $52.15 - Hourly support Oct 17 and
resistance at $52.65 - High Oct 16. A volatile week resulted in a bullish close
with the break of $52.08 adding support to the bullish case for a test of the
$53.11-54.63 region where monthly highs and the bull channel top are located.
Layers of support remain with bears now needing a close below the 21-DMA to ease
bullish pressure and shift immediate focus back to $49.44-90 where the 55-DMA is
noted.

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