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

OIL: Oil is slightly lower in Asia-Pac trade on Tuesday, WTI last down $0.74 at

$63.41 while Brent is down $0.70 at $66.91 - both benchmarks are adding to

declines on Monday as a risk off tone firmly took hold late in US trade and hit

the asset classes. The sell off has continued during Asia trade.

-  If oil falls on Tuesday it will be the third consecutive day of losses, the

longest losing streak in 2 months.

- While the sell off in equity markets is the main driver behind the sell off in

oil some concern over higher production also weighs on the market. Lower demand

could also be an issue that comes to the fore as maintenance season begins in

the US, causing producers to shut facilities - Motiva announced they were

shutting their Port Arthur facility for one month starting today.

- MNI technical analysis sees WTI support at $62.78 - Low Jan 19, resistance is

seen at $64.26 - 21-DMA. Bears now look for a close below $62.78 to add weight

to their case. Daily studies are well placed for a fresh leg lower. Repeated

failures to trouble 2018 highs are a concern for bulls and risks a correction

back to the $60.37-62.05 region where the 55-DMA is located.