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Crude oil precariously holding above $52 per....>

OIL: Crude oil precariously holding above $52 per barrel, last at $52.10 in Asia
after laying relatively flat on the session/mildly declining ($0.09).
- The overnight brought a surprise rise in U.S. Crude Oil stockpiles, up by
856k, representing the first increase in 5 weeks. Surveyed was a decline of
- Speculation is mounting for an extension in supply cuts on Nov. 30 when OPEC
will meet with allies such as Russia and Iraq is working to get oil production
back up and running on lands recaptured from the Kurds.
- MNI Technical analysis sees support at $51.89 - Low Oct 25 and resistance at
$52.41 - Hourly resistance Oct 25. Topside hesitation ahead of $52.65-53.11
remains a concern with bulls needing a close above to shift focus to
$53.73-55.05 where the bull channel top ($55.05) is located. The 21-DMA remains
key support today with bears needing a close below to ease immediate bullish
pressure and shift focus to $50.13-87 where the 55 ($50.13) & 200 ($50.63) DMAs
are noted. Daily studies are looking to correct from modestly O/B adding weight
to the bearish case.

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