Oil is broadly flat in Asia, WTI up $0.07 at....>

OIL: Oil is broadly flat in Asia, WTI up $0.07 at $50.62 while Brent has slipped

marginally to $56.40. WTI is currently up 1.04% on the week and on track for its

third consecutive weekly gain.

- Focus in the market is on the upcoming OPEC/Non-OPEC producer meeting in

Vienna on Friday (scheduled time 0900BST). Comments have been mixed, price hawks

Ecuador and Algeria have expressed a willingness to discuss further cuts, but

Russian Energy Minister Novak has said that it is premature to discuss an

extension with the current deal in place until March 2018. This stance is said

to concurr with the groups largest producers. There will also be market

attention on Nigeria and Libya who were previously exempt from any output cuts.

- Consensus seems to be that this meeting will focus instead on compliance with

the cuts, the Kuwait Oil Minister said yesterday that compliance was above 100%

and was better than last month. The technical committee that met earlier this

week are said to have recommended more informal export monitoring.

- MNI technical analysis sees support at $55.46 - Low Sept 21, resistance is

seen at $56.17 - Hourly resistance Sept 22.