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

US OIL CLOSE
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.

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