Oil Market Update : Epic Research Singapore

Oil futures slumped Monday, undercut by uncertainty following the replacement of longtime Saudi Arabian oil minister Ali al-Naimi over the weekend and indications wildfires may not have the impact previously feared on Canadian crude output.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in June CLM6, -0.25%  fell $1.22, or 2.7%, to settle at $43.55 a barrel. July Brent crude LCON6, +0.16%  on London’s ICE Futures exchange declined $1.74, or 3.8%, to end at $43.63 a barrel.

Oil had rallied in Asian and European hours. The June Nymex contract neared $46 a barrel and Brent hit an intraday high of $46.48.

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