The August 15-16 lows near.............>

US OIL CLOSE: The August 15-16 lows near $1,267-$1,268 will continue to act as

larger support.

- NYMEX October light sweet crude oil futures settled up $0.02 at $49.91 per

barrel, after trading in a $49.19 to $50.33 range.

- On Sept. 14, the pair vaulted its 200-day moving average, currently at $49.58,

and took out late July/early August peaks in the $50.22 to $50.43 to post nearly

a four-month high of $50.50 before backing off. West Texas Intermediate has not

yet settled above $50. WTI last closed above the psychological $50 mark July 31

- Only August 31, WTI posted a low of $45.58, the lowest since July 24, when the

front contract posted a low of $45.40.

- As background, 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.