Oil Market Update : Epic Research Singapore

Oil futures settled lower on Monday after key producers failed to agree on a production cap that could have tightened up supply, but prices pared much of their earlier losses following news that production in Kuwait has been more than halved due to a workers’ strike.

May West Texas Intermediate crude CLK6, -0.23% settled at $39.78 a barrel, down 58 cents, or 1.4% on the New York Mercantile Exchange. The settlement was the lowest since April 8, but prices had suffered a bigger drop early Monday, losing by as much as 6.8% to trade as low as $37.61.

Meanwhile, June Brent LCOM6, -0.40%  crude on London’s ICE Futures exchange also pared much of its losses to finish down 19 cents, or 0.4%, at $42.91 a barrel after a $40.10 low.

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