Oil Market Update : Epic Research Singapore

Oil futures settled on Monday at their lowest levels since March, with U.S. prices under $48 a barrel, pressured by a weekly climb in U.S. oil-drilling rigs as a steep plunge in the Shanghai stock market fed worries about a slowdown in Chinese energy demand.

West Texas Intermediate crude CLU5, -0.61%  fell by 75 cents, or 1.6%, to settlement $47.39 a barrel on the New York Mercantile Exchange. Brent crude LCOU5, -0.88% the global oil benchmark, fell $1.15, or 2.1%, to $53.47 a barrel on London’s ICE Futures exchange. Both marked their lowest settlements since roughly mid-March.

Oil prices were also pressured by data released Friday from Baker Hughes Inc. BHI, -1.57% which showed that the number of oil-drilling rigs in the U.S., a rough proxy for activity in the industry, increased by 21 in the latest week, the largest gain since February 2014.

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