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Oil is flat in Asia-Pacific dealing, WTI is.....>

OIL: Oil is flat in Asia-Pacific dealing, WTI is unchanged at $59.19, with Brent
up a little over $0.10 at $62.85.
- Tuesday's post-settlement trade saw crude soften as the weekly API inventory
data pointed to a headline crude build of 3.95mln barrels, larger than the
estimated 2.8mln consensus. Cushing stocks fell by 2.3mln barrels, while
gasoline stocks surpassed the estimated build of 1.2mln barrels, registering a
4.8mln rise. Meanwhile distillate inventories rose by 1.1mln barrels, in line
with estimates.
- The softer dollar has helped crude regain its API inspired losses, as
participants eye Wednesday's official DoE inventory release.
- In terms of technicals, support lies at $57.88, which represents the Feb 9
low, while initial resistance is noted at $59.53, yesterday's high. In terms of
the bigger picture, repeated failures to trouble 2018 highs resulted in a
sell-off that sees immediate focus on the 100-DMA at $57.67.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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