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Oil is slightly higher in Asia-Pac trade on.....>
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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.