Oil Market Update : Epic Research Singapore

Oil prices settled lower on Tuesday as traders awaited outcome of the Iranian nuclear talks, which could pave the way for more Iranian crude oil adding to a persistent global oil glut.

Prices logged losses for the month as well as the quarter on the back of excess supply and tightening storage in the U.S.

On the New York Mercantile Exchange, crude for delivery in May CLK5, -0.48%   settled at $47.60 a barrel, down $1.08, or 2.2% from Monday’s settlement. Based on the front-month contracts, prices lost 4.3% for the month and were down 10.6% for the quarter.

May-dated Brent crude LCOK5, -0.16%  fell $1.18, or 2.1%, to $55.11 a barrel on London’s ICE Futures exchange, with prices down 11.9% for the month and losing 3.9% for the quarter.

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