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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 $0.32 at $57.67. Oil
fell around $0.20/bbl after API inventories showed that headline stocks rose
1.82mln bbls. Prices are also weighed by uncertainty over the outcome of the
OPEC meeting on Thursday. Reports on Tuesday stated that all OPEC members
supported extending the cuts byt Russia has not yet confirmed their commitment
to the proposal. There is also some ambiguity around the duration of any output
cut extension. A technical committee made a recommendation to extend the cut
until the end of 2018.
- Oil rose from lows earlier on Wednesday during European hours after news of a
fire at the Exxon Mobil Beaumont refinery, while the fire has been extinguished
the 362k BPD crude unit remains shut.
- MNI technical analysis sees support at $57.42 - Low Nov 28, resistance is seen
at $58.11 - High Nov 28. The sell-off Monday negated Friday's gains with focus
now on the $56.70-57.22 support region where the 21-DMA is located.

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