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OIL: Crude oil was last at $54.6, moving within an extremely mild $0.14 range on
the Asia-Pac session after gaining again on the overnight session as the U.S.
API reported a decline of 5.087mln barrels, API also showed a decline in
gasoline levels, down by 7.697mln barrels for the week ending Oct 27. Brent
Crude again extended two year gains on the overnight session closing at $61.37.
The oil markets look to see the state of Crude Oil inventories 1430BST/1030NY
Wednesday, surveyed to decline also.
- MNI technical analysis sees support for crude oil (WTI) at $54.55 - Hourly
support Nov 1 and resistance at $54.85 - High Oct 31. Pressure returning to the
$53.11 resistance last week provided bulls hope and resulted in a break and
aggressive rally that reconfirms the bullish bias with focus on $55.02-34 where
the daily bull channel top and Apr highs are noted. Layers of support are
following the contract higher. Bears now need a close below $53.93 to ease
bullish pressure and below $52.86 to shift initial focus back to the 21-DMA