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Quiet on the Asia session for crude oil but.....>

OIL
OIL: Quiet on the Asia session for crude oil but hovering around highs made on
the overnight as tensions build against the oil rich Kurdistan region and API
reported a build in crude oil inventories by 519k barrels, crude oil last at
$52.43, we'll look to DOE crude oil inventories in ET Wednesday. Brent also
climbed on the overnight, last at $58.39 and holding gains in Asia.
- API showed a huge retreat for gasoline stores of 5.753mln as opposed to an
expected 2.3mln barrel retreat. 
- MNI technical analysis sees support at $52.36 - Hourly support Oct 24 and
resistance at $52.65 - High Oct 16. Topside hesitation ahead of the $52.65-53.11
region is less than ideal for bulls who need a close above to shift focus to
$53.73-55.03 where the bull channel top ($54.98) is located. Bulls took comfort
in the bounce from ahead of the 200-DMA ($50.67) Friday. The 21-DMA is key
support today with bears needing a close below to ease immediate bullish
pressure and shift focus to $50.10-87 where the 55 ($50.10) & 200 ($50.66) DMAs
are noted.

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