Oil Market Update : Epic Research Singapore

Crude-oil futures shook off earlier weakness on Thursday to tally a six-session gain of more than 12% as a smaller-than-expected weekly rise in U.S. crude supplies was seen as a possible sign of a slowdown in U.S. production.

May crude CLK5, -1.06%  tacked on 32 cents or 0.6%, to settle at $56.71 a barrel on the New York Mercantile Exchange—a fresh high for the year. On Wednesday, prices climbed 5.8% after a U.S. government report showed a rise in weekly crude inventories that was less than half what the market was looking for.

June Brent crude LCOM5, -0.95%  on London’s ICE Futures exchange also climbed, settled up 66 cents, or 1%, at $63.98 a barrel.

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