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

OIL: Oil is slightly higher in Asia-Pac trade, WTI last up $0.10 at $47.39

having seen a narrow range. WTI rose on Monday in thinned US holiday trade,

demand has shown burgeoning signs of picking up as refineries restart after

being impacted by Hurricane Harvey. Gasoline is down again, last down around 4%

as refiners restart and bring production back on line.

- Oil was also supported by comments from Iranain oil minister Zanganeh that

OPEC compliance to the output cuts was good, adding that output cuts would

extend to March 2018.

- MNI technical analysis sees support at 47.15 - Hourly support Sept 4,

resistance is seen at $47.65 - High 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.