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

US OIL CLOSE: NYMEX September light sweet crude oil futures settled up $0.27 at

$47.64 per barrel, after trading in a $47.20 to $48.03 range.

- The August 17 low of $46.46 was the lowest since July 25, when West Texas

Intermediate bottomed at $46.38. 

- The front contract settles Tuesday and most are already trading the October

contract, which settled at $47.83 per barrel. West Texas Intermediate remained

above its 55-day moving average, currently at $46.54, after closing below that

mark last Thursday for the first time since late July.

- 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 shift 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.