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

OIL: Oil is slightly lower in Asia-Pac trade, WTI last down $0.08 at $64.39,

Brent is down $0.19 at $69.77. Oil dipped late in the US on Tuesday after API

inventory data showed that headline crude stocks rose 4.755mln bbls in the

latest week, the first rise in 10 weeks. US DoE stockpile data at 1530GMT is

expected to show a decline of 1mln bbls, if this transpired it would be the

longest run of inventory declines in three decades.

- Despite the slight decline today oil is maintaining gains made earlier in the

week and is near the highest levels since mid-2015. There are some signs that

downside pressure on oil could increase, open interest in put options on both

benchmarks have risen since the middle of last week.

- MNI technical analysis sees WTI support at $64.19 - Hourly support Jan 23,

resistance is seen at $64.88 - 2018 High Jan 23. Support emerging on dips so far

this week provides bulls comfort although the lack of follow through on fresh

2018 and 3+yr highs is a concern when combined with daily studies looking to

correct from O/B. Support layers building see bears now needing a close below

$63.70 to gain breathing room.