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Oil is slightly lower in Asia-Pac trade, WTI....>

OIL
OIL: Oil is slightly lower in Asia-Pac trade, WTI last down $0.18 at $49.71. At
this level oil is still some $0.40 higher than the open yesterday, but has
dropped from a brief foray above the $50/bbl handle on touted profit taking.
Despite this drop, oil is on track for a gain this week, currently up 4.72%
which denotes the second consecutive weekly gain. 
- The gains this week have been driven by refineries coming back on line
following disruption from Hurricane Harvey which has boosted demand. 
- Brent in particular is seeing strong demand with the front month (Nov17)
trading at a $0.24 premium to Dec17.
- Markets now look ahead to Baker Hughes Rig Count Data, last week oil rigs fell
by 3 to 756, having fallen or stayed the same at each print since early August.
This week's data is likely to show the impact of Hurricanes in the US, the data
period is up to Sept 15.
- MNI technical analysis sees support at $49.84 - Highs Sept 9 & 13 now support,
resistance is seen at $50.29 - Hourly support Sept 14 now resistance.

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