Oil is currently up $0.02 at $48.25, its........>

OIL: Oil is currently up $0.02 at $48.25, its price is recovering from a dip of

$0.70 on Monday, although up, it has remained mainly flat throughout the Asian

session hovering close to record highs but today moving no more than 10 cents

either way. This echoes a lack of influences from the macro economy with risk on

confidence not staggering upwards but remaining there. President Trump and N.

Korea are mildly at loggerheads following U.N. Sanctions having been approved

and imposed and hurricane clean ups are underway throughout the U.S. The slight

upward trend may be influences by OPEC's discussions on extended production

cuts.

- DOE outlook data out yesterday was little changed from prior expected and so

we look to more DOE inventory data whereby surveys predict a decrease in crude

oil inventories. API data out yesterday, crude stocks up 6.18m bbl last week.

- MNI technical analysis sees support at $47.73 - Low Sept 12, and resistance at

$48.47 - Hourly support Sept 5, following on from Friday's pullback the dip

below the 55-DMA ($47.55) lacked follow through Monday with the contract finding

support ahead of $46.56.