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NYMEX September light sweet crude......>

US OIL CLOSE
US OIL CLOSE: NYMEX September light sweet crude oil futures settled up $0.43 at
$49.59 per barrel, after trading in a $48.55 to $49.65 range.
- On Tuesday, West Texas Intermediate saw a range of $48.37 to $50.43, with that
day's high the highest since late May.
- 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.
- WTI's close back above the 200-day moving average, at $49.40, suggested scope
for another test of the psychological $50 mark.
- Oil was underpinned on the day by EIA inventory data released earlier, showing
a crude stock decline of 1.53 million barrels in the week ending July 28.

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