Oil is flat in Asia, WTI last down $0.05 at.....>

OIL: Oil is flat in Asia, WTI last down $0.05 at $48.36, but it holding the

gains seen after the DoE inventory figures yesterday. WTI jumped from $47.79 to

$48.42 on the data which showed that headline crude stockpiles fell 3.33mln

bbls, a slightly bigger draw then expected, with the breakdown of the data also

bullish for oil with a larger than expected decline in gasoline stocks. The draw

brings crude stocks to the lowest levels since January 2016, despite an EIA

report that US crude production has risen to the highest levels since July 2015

at 9.528mln BPD.

- Oil is also being supported as Tropical Depression Harvey makes its way

towards the Gulf Coast with some predicting land fall as a hurricane by the end

of the week, if the storm moves the way experts expects it would be the first

hurricane to hit Texas since 2008.

- MNI technical analysis sees support at $48.21 - High Aug 22 now support,

resistance is seen at $48.42 - 100-DMA. Bulls continue to look for a close above

$49.30 to confirm breaks of 21 & 100-DMAs and to shift initial focus to

$50.23-51.27 where the bear channel top and 200-DMA are situated.