Oil has been non reactive to geo-political......>

OIL: Oil has been non reactive to geo-political tension during the Asia-Pac

session, Crude was last up $0.12 at $49.41... Hurricane Nate was downgraded from

a Category 1 hurricane to a Tropical Depression over the weekend after gas and

oil production plants in the U.S. Gulf Coast were shut in preparation for

destruction from the storm, they have since begun to reopen.

- On the overnight oil came down $1.70 to below $50 per barrel, its steepest

weekly descent since May after Russia and Saudi Arabia reaffirmed pledge for

supply cuts and there was speculation global output could offset the cuts. OPEC

Secretary-General Mohammad Barkindo said on Sunday producers need to take

'extraordinary measures' to restore stability in the oil market.

- MNI technical analysis sees support at $49.10 - Low Oct 6 and resistance at

$49.76 - Low Oct 4 now resistance. Despite pressure returning to $51.22-77 bulls

failed to trouble this region with the sell-off seeing immediate focus on

$47.39-49.10 this week. Overall bears need a close below $47.39 to confirm

initial focus on $45.52-46.14 with below $45.52 to shift focus to $42.80 June

lows.