Oil is slightly higher in US, WTI is last.......>

OIL: Oil is slightly higher in US, WTI is last trading up $0.08 at $47.67 after

dropping sharply yesterday with the move above the $49/bbl handle not sustained.

After the decline yesterday oil has seen quiet trade in Asia with the risk on

rally as US/North Korea tensions are put on the back burner slightly supporting

oil prices.

- The fall yesterday came as the USD rose, the DXY recovered from around 93.10

to 93.45. Concern over demand from China also accelerated the downside as

reports hit the wires that Chinese refinery runs had hit the lowest levels in

10-months.

- MNI technical analysis sees support at $47.60 low Aug 14, resistance is seen

at $48.16 low Aug 11 now resistance. Bears take comfort in the close below

$47.90 that eases bullish pressure and sees immediate focus shift to the 55-DMA.

Bears now need a close below the 55-DMA to confirm initial focus on $45.31-59

and overall focus on $42.51 June lows.