Friday, January 29, 2016

Oil Market Update : Epic Research Singapore

Oil futures settled at their highest level in three weeks on Thursday, but finished well below the session’s highs after news reports that officials from the Organization of the Petroleum Exporting Countries denied reports of plans for a meeting with Russia over potential output cuts.

March West Texas Intermediate crude CLH6, +0.51%  rose 92 cents, or 2.9%, to settle at $33.22 a barrel on the New York Mercantile Exchange, down from an intraday high of $34.82. Prices, which marked a third straight session of gains, settled at their highest level since Jan. 7, according to FactSet data.

March Brent crude LCOH6, +0.32%  on London’s ICE Futures exchange rose 79 cents, or 2.4%, to $33.89 a barrel.

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