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Oil is higher in Asia-Pac trade on Friday,......>

OIL
OIL: Oil is higher in Asia-Pac trade on Friday, building on gains seen in thin
trade on Thursday, WTI last trades up $0.45 at $58.48. On the week WTI is up
1.72%, heading for the best weekly gain since October.
- The oil spill in South Dakota has resulted in TransCanada cutting 85% of the
590k BPD Keystone XL pipelines November shipments which has helped support oil.
- Markets have one eye on the OPEC meeting in Vienna on November 30. Russian
energy minister Novak said earlier that Russia are ready to discuss the output
cuts and will explore the idea of extending beyond the current March 2018
deadline. Novak said he has already discussed the issue with several producers
at a gas summit and plans more talks today.
- MNI technical analysis sees support at $58.15 - High Nov 22 now support,
resistance is seen at $58.58 - 2017 High Nov 23. The close above $58.15 confirms
focus on the daily bull channel top with the Bollinger band top the key concern
with potential to limit follow through.

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