Crude futures settled higher Aug. 17 as fundamental outlooks improved amid ramped-up China crude purchases and a compliance-focused OPEC+ agenda. NYMEX September WTI settled 88 cents higher at $42.89/b and ICE October Brent climbed 57 cents to settle at $45.37/b. Oil moved higher in early US trading following reports that Chinese state-owned oil firms have booked at least 20 million barrels of US crude for loading in August and September, according to media reports. Front-month WTI last settled higher on March 5, narrowing the discount to front-month Brent to $2.48/b, the lowest since July 28.
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