Crude Oil nearly reached levels last seen.......>

OIL: Crude Oil nearly reached levels last seen August 2015 on the overnight and

generally looks to be setting up for it's most promising weekly gain for the

last year amid turmoil in Saudi-Arabia. Crude oil was last at $57.05 after a

very inactive Asia session.

- Middle Eastern news outlets reported so far 208 people have been arrested in

Saudi Arabia in their crackdown on corruption and the country's Attorney-General

has estimated $100bln has been misused through corruption.

- Despite the surprising increase in crude stockpiles reported earlier in the

week, OPEC still plans to curb supplies at the official OPEC meeting at the end

of this month and crude oil quickly reclaimed its ascent after a dip following

the increase in inventories. Friday 1800GMT/1300ET sees the Baker Hughes Rig

Count figures

- MNI Technical analysis sees support at $56.69 - Low Nov 9 and resistance at

$57.33 - High Nov 9. A bearish key day reversal Wed combined with momentum

divergence and studies looking to correct from very O/B greatly increases the

risk of a correction.