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Oil is slightly higher in Asia-Pac trade on.....>

OIL
OIL: Oil is slightly higher in Asia-Pac trade on Tuesday, WTI last up $0.08 at
$56.50. Oil was supported in the European session on Wednesday after the UAE
Energy Minister Al Mazrouei said that OPEC should extend their output cuts, but
a wave of selling in the afternoon pushed prices down to $55.75 before bouncing
back heading into the close.
- Markets look ahead to API inventory data on Tuesday, before DoE inventory data
on Wednesday. 
- MNI technical analysis sees support at $56.27 - Hourly resistance Nov 20 now
support, resistance is seen at $57.37 - High Nov 13. The correction lower from
2017 highs found support ahead of the 21-DMA which provided the base for a rally
and bullish close Friday. Bulls currently focus on the $57.37-58.14 region with
a close above to pressure the bull channel top. Bears now need a close below
$55.75 to ease bullish pressure and below $55.00 to confirm a break of the
21-DMA ($55.52) and shift focus to $52.86-53.96 where the 55-DMA is situated.

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