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

OIL: Oil is slightly higher in Asia-Pac trade on Tuesday, WTI last up $0.52 at

$62.25, Brent is up $0.47 at $68.25. WTI spiked early in Asia after breaking

above the $62/bbl handle, the move higher to $62.60 was quickly reversed and

prices settled into a range around current levels. These levels denote the

highest since 2015, factors supporting the rally are familiar to markets; OPEC

output cuts, a decline in US stocks and reducing US drilling activity. 

- Oil was also supported by some reports that an Iranian oil tanker was on fire

off the coast off Shanghai after colliding with a Chinese ship.

- MNI technical analysis sees WTI support at $61.97 - Hourly resistance Jan 8

now support, resistance is seen at $62.56 - Hourly resistance Jan 9. Bulls take

comfort as gains above the 200-WMA $59.95 continue. O/B studies looking to

correct remain the key concern for bulls. In saying that, bears still need a

close below $61.09 to ease bullish pressure and below $59.82 to shift immediate

focus back to the bull channel base ($58.73) & 21-DMA ($59.17). Bulls remain

focused on the channel top and $63.97-65.17 region while $61.09 supports.