Oil Market Update : Epic Research Singapore

Oil futures climbed nearly 6% on Wednesday as a smaller-than-expected weekly increase in U.S. crude supplies and a higher demand forecast from the International Energy Agency lifted prices to their highest settlement level of the year.

On the New York Mercantile Exchange, May crude CLK5, -0.62% jumped $3.10, or 5.8%, to settle at $56.39 a barrel. Futures prices, which tallied a five-session gain of almost 12%, haven’t settled at a level this high since December 23.

May Brent crude LCOK5, +3.29% which expired Wednesday on London’s ICE Futures exchange, rose $1.89, or 3.2%, to $60.32 a barrel.


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