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Brent crude closed back above US$50 for the first time since 4 July, as oil prices entered a technical bull market after rallying more than 20% from their recent lows. This helped see the S&P 500 edge higher to 2187, with big gains by energy and utility stocks.
The bounce in oil was helped along by further jawboning by the former president of OPEC, Chakib Khelil, who stated that a supply-freeze deal was on course because its biggest members were already producing a record levels. Although these comments managed to casually avoid the major sticking point, which is that Iran is not producing at pre-sanctions levels and is not going to commit to any deal until that occurs, if at all. This, of course, means little when the oil price has such strong upwards momentum and the American Petroleum Institute released figures showing that American consumption of gasoline reached record levels in July, rising 2.4%.