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Oil is higher in Asia-Pac trade to finish the...>

OIL
OIL: Oil is higher in Asia-Pac trade to finish the week, WTI last up $0.21 at
$57.61. WTI is still down 2.26% so far this week but rose 5.15% in November to
confirm the 3rd consecutive monthly rise.
- Sentiment is buoyant in the oil market after the OPEC meeting concluded with
the announcement of a 9-month extension to the output cut deal, the announcement
was given extra heft after Nigeria and Libya were included in the cut after
previous exemptions. The outcome was mostly expected so reaction has been
limited. 
- Markets now look ahead to Baker Hughes US Rig Count at 1800GMT, last week rigs
rose for the first time since September to 747.
- MNI technical analysis sees support at $56.96 - 21-DMA, resistance is seen at
$57.52 - Hourly resistance Nov 29. The sell-off Monday negated Friday's gains
with focus now on the $56.75-96 support region where the 21-DMA is located. The
$58.37 resistance remains key with bulls needing a close above to return
pressure to 2017 highs once more.

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