Oil Market Update : Epic Research Singapore

Oil futures rose Tuesday for a second straight session, with prices settling at their highest level since early October as traders bet that the recent output disruptions will drawdown the globe’s supply surplus.

The market also looked ahead to data on U.S. crude inventories, which is expected to show a weekly decline.

June West Texas Intermediate crude CLM6, +0.27% rose by 59 cents, or 1.2%, to settle at $48.31 a barrel on the New York Mercantile Exchange — the highest settlement for futures prices since Oct. 9. July Brent LCON6, +0.18%  ended at $49.28 a barrel on London’s ICE Futures exchange, up 31 cents, or 0.6%.

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