Oil Market Update : Epic Research Singapore

Oil futures fell again on Thursday, with West Texas Intermediate crude marking its lowest settlement in nearly 13 years, as traders concluded that last week’s modest fall in U.S. crude supplies wasn’t enough to outweigh pressure from a global supply glut and worries about weaker oil demand.

March WTI crude CLH6, +5.46%  fell by $1.24, or 4.5%, to settle at $26.21 a barrel on the New York Mercantile Exchange after touching a low of $26.05. That was the lowest settlement since May 6, 2003, according to FactSet. Prices have now fallen for six sessions in a row.

April Brent crude LCOJ6, +5.36%  on London’s ICE Futures exchange lost 78 cents, or 2.5%, to $30.06 a barrel.

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