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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 $0.39 at $63.96, Brent is up
$0.35 at $69.38. At these levels WTI is still slightly below the intra-day high
hit on Monday at $64.13. Trade on Monday was volatile with the price fluctuating
based on moves in the dollar. After rising above the $64/bbl handle WTI saw some
profit taking with the move lower exacerbated by news of a restart in several
Libyan oil fields after closures due to protests. 
- Market will look ahead to API inventory figures after US market close today,
and DoE inventories at 1530GMT on Wednesday. 
- MNI technical analysis sees WTI support at $62.78 - Low Jan 19, resistance is
seen at $64.28 - High Jan 18. Support emerging on dips so far this week provides
bulls comfort but a close above $65.17 remains needed to reconfirm a bullish
bias targeting $69.54-73.25 last seen in 2014. Layers of support remain in
place. Bears now need a close below the 21-DMA to end bullish hopes and shift
focus back to the 55-DMA ($58.99). Correcting O/B studies remain a concern for
bulls.

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