Oil is marginally lower in Asia-Pac trade,......>

OIL: Oil is marginally lower in Asia-Pac trade, WTI last down $0.13 at $46.31.

Oil took a dip yesterday as markets braced for Tropical Storm Harvey to return

ashore in the Texas/Louisiana border area later today. Yesterday reports hit the

wires that the large Motiva Port Arthur refinery is to shut due to fear of

flooding. Analysts estimate that around 22% of US refining capacity is offline

due to the storm, impacting crude demand heavily.

- MNI technical analysis sees support at $46.18 - Hourly support Aug 30,

resistance is seen at $46.59 - Hourly resistance Aug 29. Failure to trouble the

$48.91-49.31 resistance region has resulted in a sell-off and closes below the

55-DMA ($46.92) with immediate focus back on $45.21-58. Bears need a close below

$45.21 to shift focus to $42.52 June lows. Layers of resistance are accumulating

with bulls now needing a close above $46.96 to gain breathing and above $47.20

to return focus to layers of resistance $48.18-49.31.