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Crude oil traded extremely flat on the Asia.....>

OIL
OIL: Crude oil traded extremely flat on the Asia session, last at $54.29. On the
overnight however crude oil inventories dropped further by 2.44mln barrels
extending a 5th week of declines, (not quite as bullish as the decline reported
by API previously,) investors weren't best pleased and the the price of crude
oil dropped 0.2% slightly winding down from the rally it made on API figures.
Cut extensions still expected from OPEC come their meeting at the end of
November.
- MNI technical analysis sees support at $53.89 - Low Nov 1 and resistance at
$54.69 - Hourly resistance Nov 1. The rejection ahead of the daily bull channel
top is less than ideal for bulls given daily studies looking to correct from O/B
and the Bollinger top ($54.87) limiting follow through. The marginal break of
$53.93 has lacked follow through with bears now needing a close below $55.63 to
shift initial focus back to $52.86.

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