Oil is higher in Asia, WTI last up $0.26 at.....>

OIL: Oil is higher in Asia, WTI last up $0.26 at $46.83 having moved in a tight

range during Asia trade. WTI bounced off lows late in the day in the US at

$46.15 after plunging around the $48/bbl handle. The oil market has been hit by

Tropical Storm Harvey as it continues to affect the Gulf Coast, refinery and

production operations in the area have been hit and energy companies expect a

second bout of disruption later this week. Sources note that the demand impact

is expected to outweigh the demand impact which is why prices are still

dropping. Tropical Storm Harvey is expected to strengthen again before hitting

the Texas/Louisiana border area.

- USD has continued its decline since Friday, now at 92.224 from 93.40

pre-Jackson Hole on Friday.

- MNI technical analysis sees support at $46.64 - Hourly support Aug 28, $47.20

- Hourly resistance Aug 28. Bears need a close below $45.21 to shift focus to

$42.52 June lows. Layers of resistance are accumulating with bulls now needing a

close above $47.20 to gain breathing and above $47.77 to return focus to layers

of resistance $48.20-49.31.