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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 $0.51 while Brent is up $0.50
at $67.36. Oil jumped after API inventory data late on Tuesday, the figures
showed that headline Crude stocks dropped 1.05mln bbls last week, while Cushing
stocks dropped 633k bbls. This saw WTI jump $0.64 to $63.99. After moving
sideways early in Asia WTI tripped some stops above the $64/bbl handle and rose
to session highs of $64.19.
- Gains in oil are being tempered by an EIA report yesterday that US oil output
could rise above 11mln BPD by November 2018, bringing forward the forecast by 1
year. However the report also raised forecasts for demand by 220k BPD.
- MNI technical analysis sees WTI support at $62.78 - Low Jan 19, resistance is
seen at $64.38 - 21-DMA. Repeated failures to trouble 2018 highs are a concern
for bulls and risk a correction back to the $60.66-62.05 region where the 55-DMA
is located.

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