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Oil has moved in a tight range in Asia after....>

OIL
OIL: Oil has moved in a tight range in Asia after recovering some losses into
the close in the US. WTI last trades at $47.75 up $0.32.
- Oil is down 1.79% on the week at the moment, on track for its fourth
consecutive weekly decline, having moved in a tight range since a sharp drop on
Monday with sources noting closing of long positions ahead of supply data this
week.
- The bounce in oil in the US afternoon yesterday comes as oil players brace for
Hurricane Harvey that is moving through the Gulf to Texas in the US which could
dramatically impact refinery operations. Analysts note that the storm has
intensified and could be the strongest to hit the region since 2005.
- Markets will look ahead to the Baker Hughes Rig Count data today at
1800BST/1300ET, headline rigs last week fell by 5 to 763, the biggest drop since
January 13 2017.
- MNI technical analysis sees support at $47.37 - Hourly support Aug 24,
resistance is seen at $47.93 - Hourly resistance Aug 24

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