Oil Market Update : Epic Research Singapore

Oil prices rose in choppy trade on Monday after Saudi Arabia’s energy minister said the global oil market is heading toward balance, and more attacks in Nigeria were seen as curbing the country’s oil production.

Futures for crude oil CLQ6, -1.33%  gained 21 cents, or 0.5%, to $49.21 a barrel, while Brent LCOU6, -0.82%  advanced 24 cents, or 0.5%, to $50.59 a barrel.

There will be no settlement of U.S. West Texas Intermediate futures on Monday, as U.S. markets are closed for the Independence Day holiday. Electronic trade ends at 1 p.m. Eastern Time.

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