RESENDING WITH OIL TECH ANALYSIS: Brent Crude...>

OIL: RESENDING WITH OIL TECH ANALYSIS: Brent Crude oil extended two year gains

and crude oil reached levels last seen March this year in the Asia-Pac session

as OPEC members show more signs they will officially extend supply cuts come

month end. Iraq which is the second biggest producer backed extended the curbs

for a further 9 months and Saudi Arabian and Kuwaiti ministers said longer cuts

are needed. 

- Sweet crude oil last at $54.83 and Brent crude oil last at $60.89. 

- Markets look to the Baker Hughes Rig Count 1700GMT/1300NY 

- MNI Technical analysis sees support for Crude Oil at $54.69 - Hourly

resistance Nov 1 now support and resistance at $55.22 - High Nov 1. The

rejection ahead of the daily bull channel top was less than ideal for bulls

given daily studies looking to correct from O/B and the Bollinger top ($55.26)

limiting follow through. The $53.63-89 support region remains key with Z17

having bounced ahead of this region Thursday. Bears need a close below $53.63 to

shift initial focus back to $52.86. Bulls remain focused on the bull channel top

while $53.63 supports.