Oil has moved within a narrow range in Asia, ...>

OIL: Oil has moved within a narrow range in Asia,  but is slightly higher, WTI

last at $49.87 at $0.16. WTI briefly popped over $50/bbl but couldn't sustain

the move and dropped back slightly. The gains in oil, WTI rose from around

$49/bbl to current levels on Friday, come after OPEC said they would meet next

week in order to ascertain why some oil producing countries are falling behind

on output cuts. This follows reports in WSJ that the US are considering more

sanctions against the Venezuelan oil industry. The move comes after the election

of a constitutional super body that the US oppose.

- The Chinese PMI numbers also supported oil, while manufacturing and services

PMI fell slightly both remained in expansionary territory.

- MNI technical analysis sees support at $49.23 high July 27 now support,

resistance is seen at $50.10 hourly resistance July 31. The recovery from a dip

below the 21-DMA ($46.92) last Monday sees the U17 gaining traction above the

100-DMA ($48.64) and focus on $50.70-51.31. The bear channel top and 200-DMA are

noted in this region.