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

OIL: Oil is flat in Asia-Pac trade, WTI last down $0.04 at $47.05. Oil finished

in the green on Thursday after intiially falling early in the US session on even

more US political shenanigans, but recovered before taking another dip as risk

markets sold off after reports of the terrorist attack in Barcelona. 

- WTI is down 3.6% so far this week, on track for the third consecutive week of

decline despite a sharp drop in inventories this week. Most recently, WTI topped

out at $52.00 May 25, before the announcement of a nine-month extension of

OPEC/non-OPEC production cuts. The extension was largely priced in and oil fell

to $42.05 on June 21.

- Markets will look ahead to Baker Hughes US Rig Count data where last week oil

rigs rose by three, however on MNI source said they expect the rig count to

decline slightly this week with pressure evident on US producers, adding that

some producers value their rigs only at scrap metal prices.

- MNI technical analysis sees support at $46.96 hourly support Aug 17,

resistance is seen at $47.60 hourly support Aug 16 now resistance.