Wednesday, May 6, 2015

Oil Market Update : Epic Research Singapore

Oil futures rallied Tuesday, with the U.S. benchmark settling above $60 a barrel for the first time in nearly five months as protests at a Libyan oil port fed concerns over supplies.

June crude CLM5, +0.83%  tacked on $1.47, or 2.5%, to settle at $60.40 a barrel on the New York Mercantile Exchange. Tracking the most-active contracts, prices haven’t close above $60 or settled at a level that high since Dec. 10, according to FactSet. Meanwhile, Brent crude for June delivery on London’s ICE Futures exchange LCOM5, +0.53%  surged $1.07, or 1.6%, to $67.52 a barrel.

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