Oil Market Update : Epic Research Singapore

Oil futures settled lower on Wednesday, with U.S. prices marking their lowest settlement in about 10 weeks after U.S. government data revealed an unexpected increase in weekly crude supplies.

Indications that the Organization of the Petroleum Exporting Countries, or OPEC, continued to ramp up production in June also pressured prices.

August crude CLQ5, +0.07%  fell $2.51, or 4.2%, to settle at $56.96 a barrel on the New York Mercantile Exchange. Prices, based on the most-active contracts, haven’t closed at a level that low since April 22.

August Brent crude LCOQ5, +0.35%  also declined by $1.58, or 2.5%, to $62.01 a barrel on the ICE Futures exchange.

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