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

OIL
OIL: Oil is slightly higher in Asia-Pac trade, WTI last up $0.30 at $61.93 and
Brent up $0.14 at $67.98. WTI is pushing on from the highest close in 3 years
after API inventory data showed stockpiles dropped 4.99mln bbls. DoE inventory
data later in the session is expected to show a draw of 4.45mln bbls which would
denote the 7th consecutive weekly decline in stocks and brings inventory levels
close to their 5 year average.
- Oil was also supported by figures from OPEC that showed output was unchanged
in December and as tensions continue in Iran despite little sign that oil output
will be disrupted.
- On a side note at these levels, a Dallas Fed Survey posited between
$61-$65/bbl, US drilling activity is expected to rise meaning Baker Hughes Rig
Count figures will be in focus on Friday.
- MNI technical analysis sees WTI support at $61.23 - Hourly support Jan 3,
resistance is seen at $62.50 - Weekly Bollinger band top. Bulls take comfort as
gains above the 200-WMA $60.06 continue. O/B studies looking to correct remain
the key concern for bulls.

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