Oil Market Update : Epic Research Singapore

Oil futures settled lower on Wednesday as a weekly drop in U.S. crude inventories wasn’t enough to ease the market’s concerns over the global supply glut.

On the New York Mercantile Exchange, June crude CLM5, -0.50%  settled at $60.50 a barrel, down 25 cents, or 0.4%. It was trading around $61.41 before the supply data and spiked to as high as $61.78 immediately afterward.

June Brent crude LCOM5, -0.36%  on London’s ICE Futures exchange fell 5 cents, or 0.1%, to $66.81 a barrel. The June Brent contract expires on Thursday.


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