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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 $0.43 at $57.94. WTI dropped
from highs of $58.88 in the US session on Friday. The market is supported by the
OPEC output cut on Thursday, but there is downside risk after US drillers added
2 rigs to 749 in the latest Baker Hughes Rig Count data on Friday. 
- The latest CFTC data on Friday showed net longs increased by 12k contraxts to
538k in ICE Brent in the latest week.
- MNI technical analysis sees support at $57.52 - Hourly support Dec 1,
resistance is seen at $58.40 - Hourly resistance Dec 1. Dips remained support
around the 21-DMA last week but the lack of topside follow through is a concern
for bulls who now look for a close above $59.05 to reconfirm the bullish bias
overall targeting the 200-WMA ($60.41). Bears need a close below $56.75 to
confirm a break of the 21-DMA, shifting immediate focus to $55.00-75.

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