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Free AccessNYMEX October light sweet crude oil....>
US OIL CLOSE: NYMEX October light sweet crude oil futures settled down $0.48 at
$45.96 per barrel, after trading in a $45.84 to $46.72 range. Tuesday's low of
$45.76 was the lowest since July 24, when the front contract posted a low of
$45.40.
- West Texas Intermediate again closed below its 55-day moving average,
currently at $46.63, which did not bode well for near-term recovery.
- Crude took little comfort also from EIA data, released Wednesday, showed a
crude stock draw of 5.4 million barrels in the latest week.
- While oil prices remained on the defensive as the market awaited better
estimates of the damage from Hurricane Harvey, gasoline prices kept creeping
higher.
- The AAA National Fuel Gauge put the cost of regular unleaded gasoline at
$2.404% per gallon Wednesday, which compared to $2.378 Tuesday, $2.344 a week
ago, $2.313 a month ago and $2.218 a year ago.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.