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

OIL
OIL: Oil is slightly lower in Asia-Pac trade on Thursday, but holding gains made
post inventory data on Wednesday in thinned holiday trade. WTI last trades down
$0.14 at $57.88. 
- DoE inventory data yesterday showed headline crude stocks fell 1.85mln bbls,
this is the first draw in November, but according to DoE data stocks have fallen
to 457.1mln bbls, some 15% lower than 2017 highs and the lowest since mid-2016.
- Also supporting oil is the continued closure of the Keystone pipeline after a
South Dakota oil spill. The operator of the pipeline have advised they will cut
deliveries until the end of November.
- The latest rise in spot oil prices has pushed futures into backwardation
indicating a tightening market.
- MNI technical analysis sees support at $57.22 - High Nov 21 now support,
resistance is seen at $57.76 - High Nov 9. Gains this week see bulls focused on
the break of $58.14 needed to initially target the daily bull channel top. 

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