Crude oil prices benefited from a......>

US OIL CLOSE: Crude oil prices benefited from a weaker dollar and expectations

of reduced supply. NYMEX October light sweet crude oil futures settled up $1.37

at $48.66 per barrel, after trading in a $47.15 to $48.98 range. Last Thursday's

low of $45.58 was the lowest since July 24, when the front contract posted a low

of $45.40. Crude closed above its 55-day moving average of $46.80, but remained

below its 200-day moving average, currently at $49.48.

- 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.

- Baker Hughes rig count data, released last Friday, showed no change in U.S.

"oil-only" rigs, which remained at 759 rigs in the week ending Sept. 1. This is

less than double the 407 rigs seen a year ago. Rigs are still down 52.8% from

the peak rig count of 1,609 rigs seen Oct. 10, 2014.