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

OIL: Oil is higher in Asia-Pac trade on Friday, WTI last up $0.28 at $66.08,

Brent is up $0.18 at $69.83 - denoting the 3rd consecutive day of gains. For the

week, WTI is flat while Brent is down around 2%.

- Oil rose throughout the day on Thursday, WTI breaking through the $66/bb

handle late in US trade. Gains were helped by a report from Goldman Sachs where

they raised their price forecast for 2017, they now see Brent hitting $82.50/bbl

in the next 6 months (prev. $62/bbl). The upgrade follows several other banks

making bullish calls on oil, in the past few weeks both JP Morgan and Morgan

Stanley raised their calls for oil.

- MNI technical analysis sees WTI support at $65.05 - Hourly support Feb 1,

resistance is seen at $66.66 - 2018 High Jan 25. Bulls take comfort in the

recovery from dips back to the 21-DMA with bullish focus back on the break of

$66.66 needed to shift focus to $68.42-71.27 where daily and weekly bull channel

tops are situated. The Bollinger top ($66.69) is the key concern for bulls with

potential to limit follow through. Bears now need a close below $64.63 to ease

renewed bullish pressure.