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

OIL: Oil is slightly lower in Asia-Pac trade to start the week, WTI last down

$0.17 at $47.70. Oil has trended lower throughout the session after a brief blip

higher towards the end of play on Friday night. 

- Hurricane Harvey, since downgraded to a Tropical Storm, made landfall in the

US on Friday night and has shut around 25% of gulf oil production, with over 10%

of US fuel capacity offline. Production is slowly coming back online and

refiners are said to be assessing the damage. Though the worst of the storm is

done weather conditions in the Houston area are expected to remain bad this week

and will likely impact production.

- Baker Hughes rig count data on Friday saw oil rigs drop by 4 to 759 in the

latest week, the second consecutive decline.

- MNI technical analysis sees support at $47.37 - Hourly support Aug 24,

resistance is seen at $48.20 - Hourly resistance Aug 28. The 100-DMA is

currently capping but bulls look for a close above $49.31 to confirm breaks of

21 & 100-DMAs and shift initial focus to $50.04-51.27 where the bear channel top

and 200-DMA are situated.