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

US OIL CLOSE
US OIL CLOSE: NYMEX September light sweet crude oil futures settled down $0.22
at $49.17 per barrel, after trading in a $48.86 to $49.79 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 has 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.

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