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

OIL: Oil is lower in Asia-Pac trade on Wednesday, WTI last down $0.53 at $63.97,

Brent is down $0.52 at $68.50. Oil fell throughout the session on Tuesday, the

third consecutive day of declines, taking a final leg lower late in the session

after API inventories showed a build in headline crude stockpiles of 3.23mln

bbls. The inventory build follows a gain of 12 rigs at the latest Baker Hughes

US Rig Count. Market looks ahead to the DoE inventory data at 1530GMT today,

headline crude inventories are expected to rise 1.9mln bbls which would end a

run of 10 weekly draw downs. 

- MNI technical analysis sees WTI support at $63.58 - 21-DMA, resistance is seen

at $64.67 - Hourly support Jan 30 now resistance. H18 remains heavy with

correcting O/B daily studies seen weighing. The close below $64.87 eases bullish

pressure with bears now looking for a close below $62.78 to confirm a break of

the 21-DMA and initially focus on $58.82-60.75 where the 55-DMA ($59.90) is

found. Resistance layers are building and weighing also, with bulls now needing

a close above $65.68 to reconfirm focus on $69.54 (Dec 1 2014 high).