August WTI put in highs at $62.01 on last night’s open in the US, setting into a drift lower in the Far East and Europe down to the $61 area and then meeting the main US action at $60.85. An initial dive put in the day’s lows at $60.29 before rallying sharply and briefly closing in on $62 once again late in the US morning before easing. With few clues cast by a stagnant dollar and a moribund equity market crude went through the motions today in modest volume, playing ‘stop hunting’ and no more, easing back again to the $61 area and meeting the last hour of the main session at $60.76. A strong rally ensued, picking up momentum as the close neared to take out the overnight highs and post the day’s highs at $62.17 just after the closing bell and settling at $62.02.