Oil is almost flat in Asia, last down $0.03.....>

OIL: Oil is almost flat in Asia, last down $0.03 at $49.92 after hitting it's

highest level since early August on Friday. There's a new storm threat in

Hurricane Maria and our old friend Hurricane Jose which is still teasing the U.S

coastline, Jose, if he makes landfall is predicted to have the potential to

affect 5 refineries along the East Coast that process up to 1.1 million barrels

of oil a day, if it was to veer closer to NY City Bloomberg reports Jose could

also interrupt vessels carrying crude oil. The threat of these two hurricanes is

causing gasoline supplies to crash despite EIA last week reporting higher

numbers.

- The Baker Hughes rig count dropped the most since January looking at last

weeks figures, rigs on this measure haven't increased since July 21st.

- MNI technical analysis sees support at $50.21 - Hourly support Sept 15 and

resistance is seen at $50.61 - High Sept 15 with the recovery from Aug lows now

seeing the contract hesitating ahead of the 200-DMA and $51.45 resistance as

daily studies linger at O/B levels.