Oil Market Update : Epic Research Singapore

Oil futures settled on Monday at their highest level in almost two weeks on the back of a weaker U.S. dollar, despite comments from Saudi Arabia that indicated it would maintain crude-production levels.

May crude CLK5, -1.31%  tacked on 88 cents, or 1.9%, to settle at $47.45 a barrel on the New York Mercantile Exchange. That was the highest settlement for a most-active contract since March 11.

May Brent crude LCOK5, -0.66%  added 60 cents, or 1.1%, to end at $55.92 a barrel on London’s ICE Futures exchange.

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