Oil is essentially flat in Asia-Pac trade on....>

OIL: Oil is essentially flat in Asia-Pac trade on Wednesday, WTI last up $0.10

at $57.41 moving in a narrow range throughout Asia after dropping in the US

session on reports of higher US production, a large drawdown in the DoE

inventory data earlier in the session failed to support oil markets. The 3.43mln

BPD drawdown was attributed to the closure of the Keystone XL pipeline which

reopened earlier this week.

- US crude production hit a fresh record high of 9.68mln BPD last week according

to EIA figures, meaning output now keeps pace with mammoth producers Saudi

Arabia and Russia.

- The market is now fixated on the output of the OPEC meeting in Vienna today.

While there seems to be consensus that an extension is warranted, but the

duration of an extension is what markets will focus on. Traders note that any

extension less than 9 months will disappoint markets.

- MNI technical analysis sees support at $56.81 - 21-DMA, resistance is seen at

$57.52 - Hourly resistance Nov 29.The sell-off Monday negated Friday's gains

with focus now on the $56.75-57.81 support region where the 21-DMA is located.