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

OIL: Oil is lower in Asia-Pac trade on Monday, WTI last down $0.66 while Brent

is down $0.67 at $67.91. Oil plunged on Friday as the US dollar strengthened in

the wake of a bumper US NFP print. Oil bounced after an initial drop, but took

another leg lower after the Baker Hughes US Rig Count showed a jump in drilling

activity to the highest level since mid-2017.

- Also pressuring oil were comments from Iranian oil minister Zanganeh on

Sunday, the minister said that Iran has the ability to boost production quickly

in the event that OPEC abandons its programme of cuts.

- MNI technical analysis sees WTI support at $64.47 - Low Feb 2, resistance is

seen at $65.76 - Hourly resistance Feb 2. Repeated failures to trouble 2018

highs are a concern for bulls and risk a correction back to the $60.22-62.05

region where the 55-DMA is located. Bears now look for a close below $63.67 to

confirm a break of the 21-DMA and shift focus to $60.22-62.05. Bulls continue to

look for a close above $66.66 to shift focus to $68.67-71.27 where daily and

weekly bull channel tops are situated.