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Oil is higher in Asia-Pac trade, WTI last up....>

OIL
OIL: Oil is higher in Asia-Pac trade, WTI last up $0.90 at $57.74. Oil was
grinding higher throughout the EU/US sessions on some optimism ahead of the OPEC
meeting on November 30. The move up was accelerated after API inventory data
showed a 6.36mln bbl decline in crude stocks in the latest week, while stocks at
Cushing fell 1.8mln bbls.
- Volume has spiked in WTI, yesterday total volume was 609k on Tuesday compared
to contract average of around 110k.
- Market will focus on DoE inventory data at 1530GMT on Wednesday, consensus is
for a 1.43mln bbl draw. Traders will also still have an eye on the Nov 30 OPEC
meeting and any commentary from OPEC oil ministers.
- MNI technical analysis sees support at $57.22 - High Nov 21 now support,
resistance is seen at $57.76 - High Nov 9. Gains this week see bulls focused on
the break of $58.14 needed to initially target the daily bull channel top. Bears
need a close below $55.75 to confirm a break of the 21-DMA and below $55.00 to
shift focus to $53.00-96 where the 55-DMA and daily bull channel base are
situated.

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