Oil is currently down $0.02 at $48.05...........>

OIL: Oil is currently down $0.02 at $48.05 although it is up from lows hit on

Friday after hurricane Irma swept across the U.S. causing devastation but less

so than initially thought, there was around a $0.70 drop yesterday with a $1.20

rise to follow on reactions from news surrounding reopening of refinery's. The

U.S. withdrew oil sanctions on N. Korea but kept sanctions on coal, lead and

seafood and the UN Council voted for support of these sanctions following

missile testing.

- Oil has been helped by the restarting of U.S. refinery's, including the

largest refinery, Motiva Enterprises restored its 325k barrel per day unit in

Texas to minimum levels.

- The markets look to inventory figures coming out in the US session on the 12th

and 13th where surveys predict a decrease in crude oil inventories. 

- MNI technical analysis sees support at $47.91 - Hourly support Sept 11, and

resistance at $48.47 - Hourly support Sept 5 now resistance. Following on from

Friday's pullback the dip below the 55-DMA ($47.46) lacked follow through Monday

with the contract finding support ahead of $46.56.