Oil Market Update : Epic Research Singapore

Oil futures settled higher for a second straight session on Tuesday, with continued output disruptions in Nigeria and signs of a pickup in global demand helping to lift U.S. prices to their highest finish since late July.

Market participants, however, remained wary of the potential that the recent rise in prices could foster a sudden jump in output.

July West Texas Intermediate crude CLN6, +0.18%  rose 67 cents, or 1.4%, to settle at $50.36 a barrel on the New York Mercantile Exchange. Prices haven’t settled at a level this high since July 21.

August Brent crude LCOQ6, +0.06%  on London’s ICE Futures exchange rose 89 cents, or 1.8%, to $51.44 a barrel, with prices logging the highest finish since Oct. 9.

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