Oil Market Update : Epic Research Singapore

Oil futures pulled back from session highs above $62 a barrel on Wednesday, but the U.S. benchmark still marked a high for the year after government data showed that crude inventories fell unexpectedly, for the first time in 17 weeks.

June crude CLM5, -0.87%  climbed by 53 cents, or 0.9%, to settle at $60.93 a barrel on the New York Mercantile Exchange. It climbed to highs above $62 before and shortly after the supply data, but prices settled below the session highs following a 25% climb in April.

June Brent crude LCOM5, -0.74%  on London’s ICE Futures exchange also rose 25 cents, or 0.4%, at $67.77 a barrel.

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