Oil is lower in Asia-Pac trade on Friday,.......>

OIL: Oil is lower in Asia-Pac trade on Friday, adding to declines from Thursday.

WTI is down $0.61 at $60.54 while Brent is down $0.50 at $64.31. Both benchmarks

are in negative territory for the week, WTI down 7.52% and close to erasing all

2018 gains denoting the worst weekly performance in 11 months.

- Broad risk off trade is the main culprit for the move lower in oil, with the

hangover from EIA figures that showed US output at an all time high of 10.25mln

BPD also proliferating negative sentiment. There are other production woes

afoot, Iran announced yesterday that they planned to boost production by 700k

BPD within the next 4 years.

- MNI technical analysis sees WTI support at $60.27 - Low Feb 8, resistance is

seen at $60.77 - 55-DMA. Bears now look for a close Below $60.27 to shift focus

to the $55.30-58.82 region where the 100-DMA is noted. Layers of resistance left

in the wake are accumulating and adding to bearish confidence. Bulls need a

close above $62.09 to ease bearish pressure and above $64.47 to target 2018

highs.