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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.

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