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

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.