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

OIL: Oil is slightly higher in Asia-Pac trade, WTI last up $0.12 at $57.59 but

holding near the low end of its range after the decline on Monday. WTI dropped

from around $58.35 on Monday as the USD rose on tax reform hopes and markets saw

a broad risk on tone while worries over US shale output also weighed.

- A Bloomberg survey estimated that OPEC crude production fell to a 6-month low

in November, dropping around 80k BPD led by Angola who underwent widespread

field maintenance.

- The market will now look ahead to inventory data on Tuesday and Wednesday

where a drop in crude stockpiles is expected.

- MNI technical analysis sees support at $57.20 - 21-DMA, resistance is seen at

$58.02 - Hourly resistance Dec 4. Dips remained support around the 21-DMA last

week but the lack of topside follow through is a concern for bulls who look for

a close above $59.05 to reconfirm the bullish bias overall targeting the 200-WMA

($60.41). Bears need a close below $56.75 to confirm a break of the 21-DMA,

shifting immediate focus to $55.00-75 and overall focus back to $53.96-54.19

where the 55-DMA ($54.13) and bull channel base ($54.19) reside.