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

OIL
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.
Energy BulletsCommodities
Energy BulletsCommodities

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