After last week’s plunge and surge in oil prices, crude has traded in a narrow range. Brent crude is at
$50.35 and West Texas Intermediate is at $46.23 on Thursday morning, Sept 3rd. Chinese oil markets are closed for a holiday helping to hold prices stable. In the U.S. oil inventories increased somewhat and the dollar held firm counteracting last week’s price swing. The upcoming Labor Day holiday weekend is also “helping temper the appetite for risk taking” according to PetroMatrix analyst, Oliver Jacob.