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

US OIL CLOSE: NYMEX September light sweet crude oil futures settled down $0.77

at $46.78 per barrel, after trading in a $46.67 to $47.99 range. The 55-day and

200-day moving averages, at $46.56 and $49.33 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 larger

change in oil fundamentals, has weighed on prices recently.

- Even Wednesday's EIA data, showing a crude stock draw of 8.9 million barrels

in the week ending August 11, failed to underpin crude prices.

- 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.