Oil prices edged higher Tuesday amid lower trading volumes as the August price rally lost momentum, with crude hovering around $47-$50 a barrel. The October contract for global benchmark Brent was up 0.35% at $49.43 a barrel, while U.S. counterpart West Texas Intermediate was up 0.4% at $47.17 a barrel. Monday’s bank holiday in the U.K. cut into trading volumes for both benchmarks. A similar holiday taking place this weekend in the U.S. means that some observers expect the markets to remain stagnant until next week. “Technical momentum is stalling and there are no obvious signs out there that suggest prices will change that much in the next week,” Olivier Jakob from the Switzerland-based Petromatrix said. Mr. Jakob added that the August rally had been driven by short covering, a market term for buying back oil contracts that were sold at a higher price, and now that has ended, […]