Oil Market Update : Epic Research Singapore

Oil futures settled at their lowest level in a week on Monday as concerns surrounding recent disruptions to crude production eased, renewing expectations that global supplies will continue to outpace demand.

West Texas Intermediate crude for delivery in July CLN6, -0.29%  declined by 33 cents, or 0.7%, to settle at $48.08 a barrel on the New York Mercantile Exchange. That was the lowest settlement for a front-month contract since May 16. July Brent crude LCON6, -0.43%  on London’s ICE Futures exchange fell 37 cents, or 0.8%, to $48.35 a barrel.

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