Oil Market Update : Epic Research Singapore

Oil futures settled with a loss of more than 3% Monday, giving up nearly half of last week’s gain, as Iran again tossed cold water on market speculation for a production cut and weak economic data from China raised worries about the outlook for energy demand.

The move at a minimum pauses a rally that took crude near its highs of the year following a report from the International Energy Agency that said prices may have bottomed.

April West Texas Intermediate crude CLJ6, -0.38%  fell $1.32, or 3.4%, to settle at $37.18 a barrel on the New York Mercantile Exchange after finishing last week roughly 7.2% higher. Monday’s settlement was the lowest since March 8.


May Brent crude LCOK6, -0.51%  on London’s ICE Futures exchange lost 86 cents, or 2.1%, to $39.53 a barrel.

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