NYMEX August crude settled Wednesday at its lowest level in five weeks, down $1.11 at $102.29/barrel, as a dip in US gasoline demand and the restart of a major Libyan oil field weighed on the complex. ICE August Brent settled 66 cents lower at $108.28/b, also a five-week low. Front-month Brent has retraced all of its gains made since reaching a nine-month high on June 19 and flipped into a 12 cents/gal contango on Tuesday. The contango rose to 19 cents/gal at Wednesday’s settle. In products, NYMEX August RBOB settled 3.52 cents lower at $2.9377/gal. The contract traded to its lowest level in five weeks at $2.9350/gal during the session. August ULSD settled 25 points lower at $2.8711/gal. Article continues below… Oilgram Price Report Oilgram Price Report is a daily report that covers market changes, market fundamentals and factors driving prices. Oilgram Price Report also brings a vast array […]