Oil Market Update : Epic Research Singapore

Oil futures settled lower Friday as investors worried that recent gains in prices, which finished the week more than 3% higher, may encourage crude producers to ramp up output.

Prices, however, pared down some of their earlier losses after data on the number of active U.S. rigs drilling for oil showed a decline for an eight straight week.

June West Texas Intermediate crude CLM6, -0.71% fell 49 cents, or 1.1%, to settle at $46.21 a barrel on the New York Mercantile Exchange. Prices were trading around $46.06 shortly before the rig count figures. For the week, they finished roughly 3.5% higher. WTI oil posted a decline last week, but saw gains in each of the four weeks before that.

July Brent crude LCON6, -0.48%  on London’s ICE Futures exchange fell 25 cents, or 0.5%, to $47.83 a barrel. It traded around 5.3% higher on the week.

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