Oil Market Update : Epic Research Singapore

Oil futures settled on Wednesday at their highest level since early October after a U.S. government report revealed a greater-than-expected fall in domestic crude supplies.

Prices, however, stayed below the key $50-a-barrel level as a surprise climb in gasoline stockpiles sent futures prices for crude-product lower.

July West Texas Intermediate crude CLN6, +0.54%  tacked on 94 cents, or 1.9%, to settle at $49.56 a barrel on the New York Mercantile Exchange — the highest since Oct. 9.

July Brent crude LCON6, +0.64% rose $1.13, or 2.3%, to $49.74 a barrel on London’s ICE Futures exchange.

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