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Scotiabank See Above Consensus CPI Inflation

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US OIL CLOSE: A weaker dollar and a rethink of Hurricane Harvey's impact on
production saw crude prices recovering Thursday.
- NYMEX October light sweet crude oil futures settled up $1.27 at $47.23 per
barrel, after trading in a $45.58 to $47.47 range. Thursday's low was the lowest
since July 24, when the front contract posted a low of $45.40.
- The front contract peaked August 10 at $50.22. This came after topping out at
$50.43 August 1 and $50.41 July 31, which was also the last time West Texas
Intermediate closed above the $50 mark.
- Most recently, WTI topped out at $52.00 May 25, before the announcement of a
nine-month extension of OPEC/non-OPEC production cuts. The extension was largely
priced in and oil fell to $42.05 on June 21.

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