Free Trial

NYMEX August light sweet crude oil.....>

US OIL CLOSE
US OIL CLOSE: NYMEX August light sweet crude oil futures settled up $0.29 at
$49.04 per barrel, after trading in a range of $48.25 to $49.24.
- The earlier West Texas Intermediate high was the highest crude level since May
31, when prices peaked at $49.74.
- Market players were watching to see if WTI can vault its 200-day moving
average, currently at $49.42, which would target the psychological $50 level.
- 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 soon slipped on extended
positioning, with WTI bottoming at $42.05 June 21, the lowest level since August
11, 2016, when crude bottomed at $41.10. The August 3, 2016 WTI low was $39.19.
- Subsequently, market players gone long oil again on hopes of rebalancing later
in the year.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
}); window.REBELMOUSE_ACTIVE_TASKS_QUEUE.push(function(){ window.dataLayer.push({ 'event' : 'logedout', 'loggedOut' : 'loggedOut' }); });