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

OIL: Oil is slightly higher in Asia-Pac trade, WTI last up $0.13 at $47.42. Oil

rose on Friday, but were still in negative territory for the week.

- Oil markets remain volatile, impacted by turmoil wreaked by Hurricane Harvey.

- After rising sharply last week Gasoline is down for the second consecutive

session as Gulf Coast refiners restart after Harvey related shutdowns. Gasoline

last down $4.92 at 169.87.

- CFTC data on Friday showed that longs in WTI have been cut to the lowest level

since June.

- MNI technical analysis sees support at $46.92 - Hourly support Sept 1,

resistance is seen at $47.51 - Hourly resistance Sept 4. Despite pressure

returning to the $45.21-58 support region bears failed to manage the close below

needed to shift overall focus back to tests of $42.52 June lows. The bounce

Thursday provided bulls breathing room with bulls still looking for a close

above the 100-DMA ($48.07) to return immediate focus to $48.91-49.31. The

Bollinger band base ($45.82) remains the key concern for bears and recently

limited follow through.