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

US OIL CLOSE: NYMEX September light sweet crude oil futures settled down $1.23

at $47.59 per barrel, after trading in a $47.43 to $49.16 range. The 55-day and

200-day moving averages, at $46.66 and $49.35 respectively, will act as initial

support and resistance.

- The front contract peaked August 10 at $50.22. This came after topping out at

$50.43 August 1 and $50.41 July 31, which was also the last time West Texas

Intermediate closed above the $50 mark.

- Risk aversion and a lack of topside follow through, more so than a change in

oil fundamentals, has weighed on prices recently.

- 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.

- 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.