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

OIL: Oil is flat in Asia-Pac trade, WTI last down $0.04 at $48.78, hovering just

below the $49.00/bbl handle after a brief challenge late on Friday.

- Oil is being supported by a decline in exports from Libya, the Sharara oil

field (Libya's largest) has cut output by around 30% after workers were stopped

from accessing certain areas due to security threats. Meanwhile exports from the

Zueitina port have stopped as workers continue to strike over better working

conditions.

- Baker Hughes rig count data, released Friday, showed a three rig increase to

768 rigs for U.S. "oil-only" rigs in the week ending August 11. This is a bit

less than double the 396 rigs seen a year ago. However, rigs were still down

52.3% from the peak rig count of 1,609 rigs seen Oct. 10, 2014.

- MNI technical analysis sees support at $49.67 hourly support Aug 10 now

resistance, $48.16 low Aug 11. Support emerging on dips back to $47.90 remains a

concern for bears who need a close below the $47.90 to confirm an easing of

bullish pressure and below the 55-DMA ($47.02) to hint at a move back to $42.51

with below $44.03 to confirm.