Oil Market Update : Epic Research Singapore

Oil futures snapped a four-day losing streak Tuesday, as a strike by oil workers in Kuwait and production outages in other parts of the world renewed hopes for a smaller global glut of crude supplies.

Meanwhile, natural-gas futures jumped nearly 8%, buoyed by weather-related demand for the fuel.

May West Texas Intermediate crude CLK6, -2.14%  rose $1.30, or 3.3%, to settle at $41.08 a barrel on the New York Mercantile Exchange, while June Brent crude LCOM6, -1.45%  on London’s ICE Futures exchange rose $1.12, or 2.6%, to $44.03 a barrel.

Kuwaiti oil workers remained on strike a third day to protest proposals to cut wages and benefits for all public-sector employees.

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