Oil Market Update : Epic Research Singapore

Oil futures settled below $40 a barrel on Wednesday after U.S. government data revealed a sixth straight weekly climb in crude supplies that was about three times higher than the market expected.

But gasoline supplies dropped and demand remained strong, hinting at the potential for a rise in appetite for crude to increase gas inventories.

May West Texas Intermediate crude CLK6, -0.15%  settled at $39.79 a barrel, down $1.66, or 4%, on the New York Mercantile Exchange. It was trading at $40.55 before the supply data.

May Brent crude LCOK6, +0.30%  on London’s ICE Futures exchange fell $1.32, or 3.2%, to $40.47 a barrel, pulling back Tuesday’s settlement, which was the highest since Dec. 4.

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