Energy OverView August 8, 2012

September crude oil prices moved briskly above the previous high at 93.25, finally reaching 94.42 before fading almost a dollar before settling at 93.67. Early support for the market came from hopes for more stimulative monetary policy which also contributed to significant gains in global equity markets and weakness in the US dollar to a new four week low. Further support may also have come from a rather large reduction in North Sea output next month due…