Oil rose around $0.37 at one point in the.......>

OIL: Oil rose around $0.37 at one point in the Asia-Pac session as the head of

OPEC said rebalancing of the oil market is in progress. OPEC's efforts are

expected to clear the oil surplus in inventories by Q3 2018. The climate is ever

riskier too with the N. Korea Crisis and the impending decision from Pres. Trump

on the Iran Nuclear Deal. Crude oil was last at $50.90, up $0.30. 

- On the overnight U.S. Inventory figures came in, down but down by less than

previous, crude oil gained around $0.50 to come down by around $0.77. The Baker

Hughes rig count out 1800BST, 1300ET 10/13.

- MNI technical analysis sees support at $50.88 - Hourly support Oct 12 and

resistance at $51.48 - Hourly resistance Oct 11. Volatile trading saw Z17

recover from below the 55-DMA to pressure $52.08. Bulls continue to look for a

close above $52.08 to return immediate focus to $53.11 and overall focus to

$53.73-54.42 where the bull channel top is located. Layers of support are

building and correcting O/S studies supporting. Bears now need a close below

$50.48 to ease bullish pressure and below $49.44 to target $48.05-71 where the

100-DMA and bull channel base are found.