Saturday, July 2, 2016

Oil Market Update : Epic Research Singapore

Meanwhile, oil futures managed to finish higher after data Friday showed that the number of U.S. rigs drilling for oil climbed for a fourth week in five.

August West Texas Intermediate crude CLQ6, +1.97%  added 66 cents, or 1.4%, to settle at $48.99 a barrel on the New York Mercantile Exchange—roughly 2.8% higher for the week. Prices posted losses in each of the last two weeks but ended the second quarter with a gain of about 26%.

September Brent crude LCOU6, +1.69% in its first full session as a front-month contract, climbed 64 cents, or 1.3%, to $50.35 a barrel on London’s ICE Futures exchange Friday. Prices based on the most-active contracts were up about 4% for the week.

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