Oil Market Update : Epic Research Singapore

Oil futures marked another high for the year on Wednesday as a sizable weekly increase in U.S. crude supplies is seen as a reality check that major producers may need to agree to stabilize output later this month.

Gasoline, meanwhile, saw the biggest percentage boost among energy futures after the U.S. inventory report revealed that gasoline supplies fell three times more than expected in the latest week. The report also showed stronger demand for the fuel, which lifts demand prospects for the crude oil used to make it.

April West Texas Intermediate crude CLJ6, -0.18%  climbed by $1.79, or 4.9%, to settle at $38.29 a barrel on the New York Mercantile Exchange. That was the highest settlement for a most-active contract since Dec. 4, according to FactSet data. May Brent crude LCOK6, -0.41%  on London’s ICE Futures LCOK6, -0.41% exchange rose $1.42, or 3.6%, to $41.07 a barrel, also the highest level of the year.

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