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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 $0.65 at $66.26, Brent is up
$0.47 at $71.00 - breaking above the $71 handle to hit the highest level since
December 2014.
- Oil gained sharply yesterday after DoE inventories showed a headline crude
stock pile decline of 1.07mln bbls for the 10th consecutive week of drawdowns
taking stocks below their 5-Year average. US stocks are now around 411mln bbls,
below the 5-Year average of 420mln bbls.
- Oil is also boosted by broad dollar weakness after US Tsy Sec Mnuchin said
that a weaker dollar was a good thing as it provided trade opportunities.
- There was speculation among oil investors that over $70/bbl Brent is a more
attractive prospect for oil companies and could see a surge in activity,
potentially increasing production from already elevated levels and reversing the
recent decline in crude stocks.
- MNI technical analysis sees WTI support at $65.81 - Bollinger band top,
resistance is seen at $69.54 - High Dec 1 2014.

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