Oil Market Update : Epic Research Singapore

Oil futures pared back much of their earlier losses on Thursday, but prices held ground near their lowest level in week on the back of a stronger dollar and a surprise weekly increase in U.S. crude stockpiles,

The fall comes after a rally in recent sessions fueled by production outages in Africa and Canada and production declines across the globe that have propelled expectations of shrinking the global oversupply.

West Texas Intermediate crude for delivery in June CLM6, +1.23%  traded at $47.68 a barrel, down 51 cents, or 1.1%, on the New York Mercantile Exchange after trading as low as $46.73. A settlement around this level would be the lowest since May 13. July Brent crude LCON6, +0.90%  on London’s ICE Futures exchange fell $1.31, or 2.7%, to $47.62 a barrel.

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