Oil again almost flat in the Asia session, up...>

OIL: Oil again almost flat in the Asia session, up $0.04 at $50.73, but some

interesting moves yesterday, a small blip after crude oil inventories. Headline

crude rose above estimates, but large draws in gasoline and distillates paints a

positive demand picture, especially with refineries reopening after hurricanes

in the U.S. This outlook has led WTI to hit its highest levels since May. After

hawkish FOMC comments came in, oil dropped again momentarily, perhaps on the

dollar move though recovered to take the $50 handle and is currently trading at

levels 10% higher than August. 

- Energy companies are performing best in the 3 main Asian markets, the Nikkei,

the ASX 100 and the Hang Seng, mainly due to the company Inpex whereby it's

growth over the last 8 days is said to be attributed to oil prices being high. 

- Looking ahead, on Friday there is an OPEC and non-OPEC nations meeting where

cuts to production and output are said to be the main focus as the current deal

fails to have the desired effect. 

- MNI technical analysis sees support at $50.35 - Hourly support Sept 20 and

resistance at $50.79 - Hourly resistance Sept 20