Oil Market Update : Epic Research Singapore

Oil futures settled back above $40 a barrel on Monday for the first time since late March, buoyed by a third straight week of declines in the number of U.S. rigs drilling for crude as well as data pointing to stronger domestic and Chinese demand.

Prices got an added boost after U.S. government data, released just ahead of the settlement, revealed expectations for a sizable decline in next month’s domestic shale-oil production.

Crude for delivery in May CLK6, -0.32%  settled at $40.36 a barrel on the New York Mercantile Exchange, up 64 cents, or 1.6%. June Brent crude LCOM6, -0.40%  on London’s ICE Futures exchange climbed by 89 cents, or 2.1%, to $42.83 a barrel.

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