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

OIL: Oil is slightly higher in Asia-Pac trade, WTI last up $0.20 at $47.75. It

has been a quiet session for oil with prices moving in a narrow range after

retracing an initial spike higher on a larger than expected draw in headline

crude stocks at API inventories after-market in the US. 

- Headline crude stocks fell 9.2mln bbls last week, against expectations of a

3.1mln bbl fall, the data saw prices rise to $47.90 before quickly retracing

back to pre-announcement levels as markets digested the breakdown of the oil

stocks figures where gasoline inventories saw a surprise build. Markets also

focused more on the rebound in supply from Libya after resumption at the Sharara

oil field. I

- DoE inventories are due in the session today, market expectations are for a

headline draw of 3.002mln bbls, if the drop in stocks at the DoE inventories was

commensurate with API this would denote the largest drop in stocks since

September 2016.

- MNI technical analysis sees support at $50.37 hourly support Aug 15,

resistance is seen $51.08 low Aug 1 now resistance.