Oil Market Update : Epic Research Singapore

Oil futures rallied by more than 3% on Tuesday as signs of an overall slowdown in U.S. crude production expected later in the year helped lift prices for the U.S. crude benchmark back above $60 a barrel.

May oil output was at its highest monthly level in more than four decades, but production is expected to slow during the second half of the year, according to a monthly U.S. government report.

July crude CLN5, +1.10% jumped $2, or 3.4%, to settle at $60.14 a barrel on the New York Mercantile Exchange. July Brent crude LCON5, +0.60%  on London’s ICE Futures exchange rose $2.19, or 3.5%, to $64.88 a barrel. Both contracts settled at their highest since June 2.

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