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Oil is lower in Asia-Pac trade, WTI last down...>

OIL
OIL: Oil is lower in Asia-Pac trade, WTI last down $0.34 at $57.77, slightly off
lows hit during the US session yesterday. WTI peaked above $59/bbl on Friday,
the highest level in 2-Years, and has been on a declining trend since as markets
trade cautiously ahead of the OPEC meeting on November 30. 
- Negative sentiment on Monday has carried over to today's APAC session, news
that TransCanada would restart the Keystone pipeline on Tuesday after 2 weeks of
closure. There are also doubts that Russia will follow through on plans to
extend the OPEC output cut, especially as Russia's Sakhalin plant is expected to
ramp up production 25% next year. After the recent ramp up in prices on hopes
for an extension of the output cut deal there is plenty of room for
disappointment after the meeting.
- MNI technical analysis sees support at $58.15 - High Nov 22 now support,
resistance is seen at $58.37 - Hourly resistance Nov 27. The sell-off Monday
negated Friday's gains with focus now on the $56.53-57.22 support region where
the 21-DMA is located.

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