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Oil is flat in Asia-Pac trade on Friday, WTI....>

OIL
OIL: Oil is flat in Asia-Pac trade on Friday, WTI last down $0.03 at $56.66 but
on track for a weekly loss currently down 2.90% on the week which would denote
the second consecutive weekly decline.
- WTI rallied around $0.60/bbl in trade on Thursday after large builds in
gasoline inventories sparked a $1.50/bbl sell off, the biggest since August.
- MNI technical analysis sees support at $56.28 - Hourly support Dec 7,
resistance is seen at $57.08 - Low Dec 5 now resistance, 21-DMA. A lack of
topside follow through and pressure on the 21-DMA took its toll with a close
below the key $56.75 support Wednesday seeing focus shift to $53.96-55.00 where
the bull channel base and 55-DMA are situated. Below $53.06 is now needed to
pressure 100 ($52.09) & 200 ($50.94) DMAs. The $57.08 resistance remains key.
Bulls need a close above this level to ease bearish pressure and shift focus
back to $58.02-59.05.

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