Oil Market Update : Epic Research Singapore

Oil futures ended sharply higher Friday, boosted by expectations U.S. production will continue to decline, signs of solid underlying demand and some renewed optimism about the U.S. economy.

On the New York Mercantile Exchange, West Texas Intermediate crude futures for delivery in May CLK6, +6.44%  jumped $2.46, or 6.6%, to end at 39.72 a barrel. June Brent crude LCOM6, +6.24%  on London’s ICE Futures exchange rose $2.51, or 6.4%, to close at $41.94 a barrel.

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