Oil Market Update : Epic Research Singapore

Oil futures finished higher Thursday, as support from weekly declines in U.S. crude supplies and output offset earlier pressure from the Organization of the Petroleum Exporting Countries’ failure to reach a pact to cap member production.

On the New York Mercantile Exchange, July West Texas Intermediate crude CLN6, +0.04% rose by 16 cents, or 0.3%, to settle at $49.17 a barrel. Prices marked their first gain in five sessions.

WTI touched lows under $48 after the meeting of OPEC members in Vienna failed to result in a deal to limit crude production. But following the U.S. government data revealed a weekly decline in domestic crude stockpiles and production, prices pared their losses and turned higher.

Read: OPEC’s plan to let crude prices rebalance themselves is panning out—so far

August Brent crude LCOQ6, +0.06%  on London’s ICE Futures exchange settled up 32 cents, or 0.6%, at $50.04 a barrel. That was the best finish for Brent prices since November.

Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg