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Scotiabank See Above Consensus CPI Inflation

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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
- 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
- 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.

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