Oil Market Update : Epic Research Singapore

Oil futures fell for a fifth straight session on Tuesday to settle at their lowest level in two weeks, as traders braced for industry data that are likely to show another increase in U.S. crude supplies.

Prices, however, settled above the session’s lows, finding some support as the U.S. dollar weakened in the wake of comments from Federal Reserve Chairwoman Janet Yellen, who emphasized a cautious approach to raising benchmark interest rates.

West Texas intermediate crude for May CLK6, +1.15%  fell $1.11, or 2.8%, to settle at $38.28 a barrel on the New York Mercantile Exchange. The settlement was the lowest since March 15. May Brent crude LCOK6, +0.79%  on the ICE Futures exchange declined by $1.13, or 2.8%, to $39.14 a barrel.

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