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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 $0.21 at $57.41. Oil
has moved in a narrow range in Asia after dropping in the wake of API Crude
Inventory data. The data showed that headline crude stocks fell 5.48mln bbls,
Cushing stocks fell 1.95mln bbls but market focus ended up on gasoline stocks
which rose 9.2mln bbls, the largest build in almost 2 years.
- Elsewhere Saudi Aramco said they would raise their prices to Asia above
expectations at $0.40/bbl, the increase which will take effect in January will
be the fifth consecutive monthly increase for Arab Light crude.
- MNI technical analysis sees support at $57.08 - Low Dec 5, resistance is seen
at $58.02 - Hourly resistance Dec 4. Bears need a close below $56.75 to confirm
a break of the 21-DMA, shifting immediate focus to $55.00-75 and overall focus
back to $53.96-54.30 where the 55-DMA ($54.26) and bull channel base ($54.30)
reside.
Energy BulletsCommodities
Energy BulletsCommodities

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