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

OIL: Oil is slightly higher in Asia-Pac trade, WTI is up $0.16 at $57.73, Brent

is up $0.09 at $68.39.

- Oil popped late on Tuesday after API crude inventory data showed a drop in

headline crude stocks of 5.2mln bbls, DoE data at 1530GMT is expected to show a

drawdown of 3.15mln bbls. 

- The North Sea Forties pipeline is still out of action, the 450k BPD pipeline

is expected to be fixed in early January.

- Also supporting prices is the report yesterday that the Keystone XL pipeline

has hit another roadbloack after Alaska refused to allow TransCanada to adjust

their permit application. There were also reports from Saudi Arabia that they

expected oil revenues to rise in 2018, implying an expectation of higher prices.

- MNI technical analysis sees support at $57.20 - Low Dec 19, resistance is seen

at $57.98 - Hourly resistance Dec 12. The recovery from last week's dip back

towards $55.88 sees bulls looking for a close above $57.98 to reconfirm initial

focus on $58.60-58.99 with a break targeting the 55-WMA and channel tops

($60.34-62.32).