Oil Market Update : Epic Research Singapore

Oil futures ended sharply lower Wednesday, coming under renewed pressure after Saudi Arabia vowed it would be ready to meet any increase in global oil demand and U.S. crude inventories showed an unexpected rise.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG6, +0.19%  dropped $1.27, or 3.4%, to settle at $36.60 a barrel, after trading as low as $36.40 in the immediate wake of Energy Information Data that showed U.S. crude oil stockpiles rose 2.6 million barrels in the week ended Dec. 25.

February Brent crude LCOG6, +0.27%  on London’s ICE Futures exchange slid $1.33, or 3.5%, to $36.46 a barrel.

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