Oil Market Update : Epic Research Singapore

Oil futures settled near $47 a barrel on Thursday, with West Texas Intermediate prices marking their lowest settlement since late January following a ninth straight weekly increase in U.S. supplies.

Crude for delivery in April CLJ5, +0.13%  settled at $47.05 a barrel, down $1.12, or 2.3%, on the New York Mercantile Exchange. Prices haven’t settled this low since Jan. 29, based on the most-active contracts.

April Brent crude LCOJ5, +0.25%  on London’s ICE Futures exchange fell 46 cents, or 0.8%, to $57.08 a barrel after finding support earlier from ongoing violence by Islamic State militants in Iraq.

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