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Free AccessOil is slightly lower in Asia-Pac trade on......>
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.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.