NYMEX crude oil prices marched higher Friday....>

OIL: NYMEX crude oil prices marched higher Friday and closed above key technical

levels. NYMEX September light sweet crude oil futures settled up $0.67 at $49.71

per barrel, after trading in a range of $48.86 to $49.81. The earlier West Texas

Intermediate high was the highest crude level since May 30, when prices peaked

at $50.28. WTI has broken above, and more importantly closed above, its 200-day

moving average, currently at $49.41, which targets the psychological $50 level.

Crude last closed above $50 May 24.

- Most recently WTI topped out at $52.00 May 25, before the announcement of a

9-month extension of OPEC/non-OPEC production cuts. The extension was largely

priced in and oil fell to $42.05 on June 21. Subsequently, market players

re-entered long crude positions again on hopes of rebalancing later in the year.

- Baker Hughes rig count data released Friday showed a 2-rig increase to 766

rigs for US "oil-only" rigs in the week ending July 28; that's still more than

double 374 rigs seen a year ago. However, rigs were still down 52.4% from the

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