Oil Market Update : Epic Research Singapore

Oil futures settled lower Thursday, as recent data showing an unexpected climb in U.S. crude supplies and strength in the dollar following the Federal Reserve’s decision to hike interest rates combined to pull U.S. prices below $35 a barrel.

Meanwhile, natural-gas futures tallied a seventh straight session loss after a report revealed that U.S. supplies of the heating fuel fell less than expected last week.

January WTI crude CLF6, -0.17% fell 57 cents, or 1.6%, to settle at $34.95 a barrel on the New York Mercantile Exchange. Prices logged their lowest settlement since February 2009. February Brent crude LCOG6, +0.11% on London’s ICE Futures exchange also lost 33 cents, or 0.9%, to $37.06 a barrel.

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