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OIL: On the overnight oil stayed below $50 per barrel as U.S government data
forecasts showed crude stockpiles were down once again, that's the third week,
still lagging from Hurricane Harvey. Again through the Asia session, oil has
held gains below $50 per barrel, crude was last at $49.65, up $0.07. Crude oil
took a slight bid of $0.32 earlier on in the Asia-Pac session as it was reported
by Bloomberg that Valero Port Arthur's Texas refinery will hopefully be back to
full production this Thursday for the first time since Sept. 19 when it was
forced to shut.
- Saudi Aramco on Monday announced plans to cut November oil production by
560,000 barrels in a strong attempt to rebalance markets.
- MNI Technical Analysis sees support at $49.10 - Low Oct 6 and resistance at
$49.79 - High Oct 9. Overall bears need a close below $47.39 to confirm initial
focus on $45.52-46.14 with below $45.52 to target $42.80 June lows. Layers of
resistance are weighing with bulls now needing a close above $49.79 to gain
breathing room and above the 200-DMA to pressure $51.22-77 once more.