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Free AccessNYMEX September light sweet crude......>
US OIL CLOSE: NYMEX September light sweet crude oil futures settled down $0.19
at $49.39 per barrel, after trading in a $48.54 to $49.73 range.
- On August 1, West Texas Intermediate saw a wide range of $48.37 to $50.43,
with that day's high the highest since late May. The August 1 range has
subsequently acted as both support and resistance.
- 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.
- This week, WTI traded both sides of its 200-day moving average, currently at
$49.38.
- Trading continued to be driven by supply rather than demand, with concern
about OPEC/non-OPEC non-compliance as well as increased U.S. production.
- Last Saturday, OPEC announced that meetings between the Joint OPEC/Non-OPEC
Technical Committee (JTC) and some OPEC and non-OPEC country representatives
would take place August 7-8 in Abu Dhabi, UAE, with the focus on identifying
"ways and means of raising levels of production.
To read the full story
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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.