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

OIL: Oil is slightly lower in Asia-Pac trade, WTI last down $0.17 at $58.19,

Brent is down $0.10 at $64.80. Both benchmarks are currently higher on a weekly

basis, WTI up 0.28% and Brent up 2.48%, the first weekly gain since

mid-November. While there has been some profit taking in the session today oil

is still holding gains made earlier in the week. The market is being supported

by a reduction in US stockpiles after DoE inventories fell by almost double the

forecast drawdown, bringing stocks to the lowest level since October 2015. Brent

is also bouyed by the closure of the North Sea Forties pipeline, normal

operations are expected to resume in the New Year. Volumes are thin ahead of the

Christmas break.

- MNI technical analysis sees WTI support at $58.08 - Hourly support Dec 21,

resistance is seen at $58.60 - High Dec 12. The recovery from last week's dip

back towards $55.88 sees bulls focused on $58.60-58.99 with a break targeting

the 200-WMA and channel tops ($60.48-62.59). Layers of support building add to

bullish confidence with a close below the 21-DMA now needed to ease renewed

bullish pressure.