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Free AccessOil is flat in Asia-Pac trade on Friday; WTI....>
OIL: Oil is flat in Asia-Pac trade on Friday; WTI last up $0.11 at $57.15, Brent
is down $0.01 at $63.30. Both benchmarks are on track for a weekly decline, WTI
last down 0.35% on the week, this would denote the third consecutive drop.
- WTI is holding gains made on Thursday, after dropping to around $56.10 WTI
recovered to highs of $57.20. WTI managed to shrug off an IEA report that
forecasted faster than expected US shale production in 2018. Brent continues to
be supported by the closure of the North Sea Forties pipeline.
- Market is now focused on Baker Hughes US Rig Count at 1800GMT today, the oil
rig count rose by 2 last week to 751, the second successive week of increases
after a downward trend seen since July.
- MNI technical analysis sees WTI support at $56.48 - Hourly support Dec 14,
resistance is seen at $56.90 - Hourly resistance Dec 13. The aggressive
rejection ahead of the $58.99 Nov high was less than ideal for bulls and
resulted in a dip below the channel base. Bears now look for a close below
$55.88 to confirm a break of key supports and below the 55-DMA to shift focus
back to $52.49-68 where the channel base off June lows and 100-DMA are noted.
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.