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Extremely flat Asia-Pac session for oil,........>

OIL: Extremely flat Asia-Pac session for oil, Crude oil only moved within a
$0.20 range but holding gains made on the overnight where it peaked at levels
last seen in April this year, Crude Oil last at $53.92. Brent Crude for December
settlement expires on Tuesday, it reached over $60 a barrel on the overnight and
has extended gains above $60 into the Asia session.
- Oil markets were bolstered on the overnight session amid speculation OPEC
along with support from Russia, will extend supply cuts. Crude oil inventories
out on Wednesday ET may show an increase in U.S. supply so we will look to that.
- MNI Technical Analysis sees support for Crude Oil at $53.63 - Hourly support
Oct 27 and resistance at $54.20 - High Oct 27. 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 now on $55.02-20 where the
daily bull channel top and Apr highs are noted. Layers of support are following
the contract higher with bears now needing a close below $53.63 to ease
immediate bullish pressure and below $52.86 to shift focus back to the 21-DMA

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