Saturday, February 27, 2016

Oil Market Update : Epic Research Singapore

Oil futures turned negative late in Friday’s session, but still finished the week higher as traders continued to hold out hope for a significant slowdown in global production.

Prices had spent the bulk of the day trading higher on the back of some upbeat U.S. economic data and renewed hope that major oil producers will work together to ease bloated crude supplies.

April West Texas Intermediate crude CLJ6, -0.70% fell 29 cents, or 0.9%, to settle at $32.78 a barrel on the New York Mercantile Exchange.


Prices had traded at highs above $34, but turned negative in the minutes ahead of Friday’s Nymex settlement. The contract saw a weekly gain of roughly 3.2%.

April Brent crude LCOJ6, -0.45% the global oil benchmark, edged down 19 cents, or 0.5%, to $35.10 a barrel on London’s ICE Futures exchange. The contract, which expires Monday, rose more than 6% for the week.

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