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Oil is modestly higher in Asia-Pac trade, WTI...>

OIL
OIL: Oil is modestly higher in Asia-Pac trade, WTI last up $0.13 at $47.50. Oil
took a hit in the US afternoon on Monday with sources noting longs closing
positions ahead of this week's supply data after a sharp jump at the end of last
week.
- OPEC compliance figures for July also engendered some negative sentiment, the
latest reports are that compliance for the output cuts are at an aggregate 94%
in July from 98% in July.
- The decline comes as well after the Kuwait oil minister said that OPEC will
discuss ending or extending the output cuts at their November meeting, leaving
the future of the programme somewhat uncertain. The minister did add though that
OPEC is still working to push oil stocks below their 5-Year average.
- Oil bounced off lows in the US session after the news that Libya had again
halted shipments from the Sharara oil field, the largest in the country, due to
further tensions with local armed groups.
- MNI technical analysis sees support at $50.96 - Low Aug 21, resistance is seen
at $51.71 - 21-DMA.

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