Oil is slightly higher since the start of.......>

OIL: Oil is slightly higher since the start of Asia-Pac trade on Thursday, WTI

last up $0.20 $56.16. However at these levels WTI is holding near the bottom of

yesterday's range that saw a $1.70/bbl decline to below $56/bbl.

- Oil was on the back foot since the open on Wednesday but the DoE Oil

Inventories that saw a large build in gasoline stocks, as indicated in the API

inventories, put downward pressure on crude and offset a decline in the headline

index.

- MNI technical analysis sees support at $55.75 - Low Nov 20, resistance is seen

at $56.43 - Hourly resistance Dec 6. A lack of topside follow through and

pressure on the 21-DMA took its toll with a close below the key $56.75 support

seeing focus shift to the $53.96-55.00 region where the bull channel base and

55-DMA are situated. Below $53.06 is now needed to pressure 100 ($52.00) & 200

($50.93) DMAs. The $57.08 resistance is now key. Bulls need a close above this

level to ease bearish pressure and shift focus back to $58.02-59.05.