Saturday, May 28, 2016

Oil Market Update : Epic Research Singapore

Oil futures settled lower on Friday, but marked a third-straight weekly gain as traders took a cautious stance ahead of a key meeting of major oil producers next week.

July West Texas Intermediate crude CLN6, +0.16%  fell by 15 cents, or 0.3%, to settle at $49.33 a barrel on the New York Mercantile Exchange. Prices, based on the most-active contracts, were up roughly 1.9% from last Friday’s settlement, according to FactSet data.

July Brent crude LCON6, -0.26% declined 27 cents, or 0.5%, to $49.32 a barrel on London’s ICE Futures exchange. The contract, which expires Tuesday, saw a weekly climb of about 1.2%.

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