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

OIL
OIL: Oil is slightly lower in Asia-Pac trade on Friday, adding to declines made
on Thursday. WTI is last down $0.11 at $65.40, Brent is down $0.17 at $70.25.
Oil fell yesterday as the dollar halted its slide in the wake of bullish
comments from US President Trump. Trump said that comments from US Tsy Sec
Mnuchin yesterday were misinterpreted and that he favoured a stronger dollar.
After the drop oil is now up 3.16% on the week.
- The oil market was supported on Thursday by comments from OPEC Sec Gen
Barkindo that the market will return to equilibrium in 2018.
- Market looks ahead to the Baker Hughes US Rig Count at 1800GMT, expected to
drop slightly to 745 from 747.
- MNI technical analysis sees WTI support at $64.87 - Hourly support Jan 24,
resistance is seen at $65.70 - Hourly support Jan 25 now resistance. Support
emerging on dips so far this week provides bulls comfort although the lack of
follow through on fresh 2018 and 3+yr highs is a concern when combined with
daily studies looking to correct from O/B.

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