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

OIL
OIL: Oil is slightly higher in Asia-Pac trade on Thursday, WTI last up $0.10 at
$64.83, Brent up $0.10 at $68.99.
- Oil rose throughout the session on Wednesday, headline crude inventories rose
6.7mln bbls against an expected build of 308k, but the market focused instead on
the large, unexpected drawdown of 1.98mln bbls - the first drawdown in gasoline
since November.
- A report yesterday showed that while OPEC output rose in January, thanks to
higher contribution from Saudi Arabia and Nigeria, compliance to the output cuts
rose to 138% from 137% in January.
- Moderating gains in oil was a report yesterday that showed US oil production
rose above 10mln BPD for the first time in 40 years. Also exerting some bearish
pressure was a report from the Kuwait Petroleum corp that they are looking to
spend $500bln to boost crude output to 4.75mln BPD by 2040.
- MNI technical analysis sees WTI support at $63.83 - 21-DMA, resistance is seen
at $65.19 - Hourly resistance Jan 30. Bulls now look for a close above $65.68 to
reconfirm focus on $69.54 (Dec 1 2014 high). Above $69.54 targets $71.08-73.25.

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