Crude Oil very flat on the Asia-Pac, movement...>

OIL: Crude Oil very flat on the Asia-Pac, movement within a $0.14 range but

holding gains above $51 per barrel, last at $51.03. 

- Oil dipped to weekly lows and reached 2 weeks highs on the overnight as API

data showed a surprising increase in crude oil stockpiles by 3.1mln barrels and

OPEC lifted estimates for demand by saying demand for oil is set to increase in

2018, signaling to investors that would mean excess supplies. Gas supply is

estimated to fall in the overnight data, the coming overnight will also give us

actual demand and inventories.

- MNI technical analysis sees support at $50.87 - 200-DMA and resistance at

$51.69 - High Oct 11. Bulls continue to look for a close above $52.08 to return

immediate focus to $53.11 and overall focus to $53.73-54.35 where the bull

channel top is located. Layers of support are building and correcting O/S

studies supporting. Bears now need a close below the 200-DMA to ease bullish

pressure and below $49.44 to target $48.05-64 where the 100-DMA and bull channel

base are found.