Oil Market Update : Epic Research Singapore

Oil futures settled higher on Friday as U.S. prices scored a gain of more than 7% for the week, after a top energy monitor said prices might have bottomed on expectations that falling supplies will help alleviate the global glut of crude.

The International Energy Agency said prices have been supported by easing supply around the globe, but cautioned that the recent rally might not be sustainable as the demand outlook remains uncertain. Crude prices have rebounded by around 40% since their lows last month.

Brent crude LCOK6, +0.82% the global oil benchmark, rose 34 cents, or 0.9%, to $40.39 a barrel on London’s ICE Futures exchange, ending more than 4% higher on the week.

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