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Oil is slightly lower in Asia-Pac trade,........>

OIL
OIL: Oil is slightly lower in Asia-Pac trade, investors returning from the
Christmas break taking the opportunity to book some profit after oil spiked
yesterday as alleged terrorists blew up Libyan pipeline which is expected to
reduce output by up to 100k BPD. WTI jumped to highs of $60.01, the highest
since mid-2015, after the news.
- Also supporting oil yesterday was the news that Saudi Arabia expect oil
revenue to rise 80% by 2023, and base this expectation on a price of $75/bbl
- WTI last trade down $0.24 at $59.73, Brent is down $0.31 at $66.71.
- MNI technical analysis sees WTI support at $58.99 - Monthly High Nov 24 now
support, resistance is seen at $60.14 - 200-WMA. The recovery from the dip back
towards $55.88 resulted in a close above $58.99 Tuesday with bulls firmly
focused on $60.15-63 where the bull channel top off June lows is located. Bulls
look for a close above $60.63 to initially target the bull channel top off Oct
lows. Layers of support accumulating add to bullish confidence.

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