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

OIL: Oil is slightly higher in Asia-Pac trade, WTI last up $0.13 at $55.27. Oil

is broadly flat from the open on Thursday, but is on track for a weekly decline,

down around 2.5% since the start of the week. This would denote the first weekly

drop in Oil since early October.

- Oversupply worries are still dampening sentiment after builds in inventory

figures this week, while an EIA report from earlier in the week that forecasted

lower demand in 2018 is also weighing.

- WTI is still up 1.7% in November so far and ahead of the OPEC meeting on

November 30 should be supported by comments from the Saudi Arabian oil minister

that OPEC should announce an output cut extension at the meeting.

- Markets looks ahead to Baker Hughes US Rig Count data later in the session,

the oil rig count rose by 9 last week to 738 after declining from a recent peak

of 768 in August.