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

OIL: Oil is higher in Asia-Pac trade, WTI last up $0.30 at $58.29, Brent is up

$0.62 at $65.31 making this the first foray above $65/bbl since June 2015. The

larger increase in Brent is being attributed to a crack in the North Sea Forties

pipeline system which has halted operations at some fields. The pipeline pumps

450k BPD and will be shut for a few weeks.

- Bullish sentiment in oil markets persists despite bearish comments from UAE

Energy Min al-Mazroui that OPEC planned to announce their exit strategy from

supply cuts in June, but said that would most likely not be the end data of

output cuts.

- Markets look ahead to the API inventory data at 2135GMT today, the market

expects a 3.78mln bbl draw down.

- MNI technical analysis sees support at $57.62 - Hourly support Dec 11,

resistance is seen at $58.40 - Hourly resistance Dec 1. Bears failed to

capitalise on the closes below the 21-DMA ($57.19) with the recovery seeing

bulls regain the upper hand and focus back on $59.05-60.62 where 2017 highs and

the daily bull channel top are situated.