NYMEX October light sweet crude oil....>

US OIL CLOSE: NYMEX October light sweet crude oil futures settled up $0.58 at

$48.41 per barrel, after trading in a $47.53 to $48.50 range.

- The August 17 low of $46.46 was the lowest since July 25, when West Texas

Intermediate bottomed at $46.38.

- West Texas Intermediate has held above its 55-day moving average, currently at

$46.55, but remained below its 200-day moving average, at $49.38.

- 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.

- On the day, crude was underpinned by a softer dollar and the morning release

of EIA inventory data showing a 3.3 million barrel crude stock decline in the

August 18 week.