Oil Market Update : Epic Research Singapore

The return of a rising dollar and persistent worries about a global supply glut combined Thursday to send the U.S. oil benchmark to a six-year low, while natural-gas futures were laid low by a larger-than-expected rise in domestic supplies.

West Texas Intermediate crude oil for September delivery CLU5, -0.45%  on Nymex gave up early gains to drop $1.07, or 2.5%, to end at $42.23 a barrel, the lowest finish since March 3, 2009.

The global benchmark, Brent crude LCOU5, -0.04% lost 44 cents, or 0.9%, to end at $49.22 a barrel on London’s ICE exchange.

The dollar gained ground versus major rivals after solid U.S. retail sales figures and other economic data reaffirmed expectations for a rate increase by the Federal Reserve as early as next month.

Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg