Oil is flat in Asia-Pac trade, WTI last down....>

OIL: Oil is flat in Asia-Pac trade, WTI last down $0.04 at $49.00 declining

slightly from the highs of $49.24 hit on Thursday late in the US. WTI is now

holding near the highest levels in 2-months and up almost 7% this week, on track

for the biggest weekly rise in 2017 so far after bullish inventory data and

positive OPEC commentary this week.

- Markets will now watch the Baker Hughes US Rig Count data later today. Last

week the oil rig count declined by 1 to 764, this week has seen reports from

several US drillers that their capital spending plans have been reduced.

- MNI technical analysis sees support at $$48.25 low July 27, resistance is seen

at $49.23 high July 27.The recovery from a dip below the 21-DMA ($46.71) to

start the new week now sees the contract gaining traction above the 100-DMA

($48.63) and focus now on $50.71-51.33. The daily bear channel top and 200-DMA

are noted in this region. Below, the $47.43-48.25 support region is key.