Comex Market Update : Epic Research Malaysia

Oil prices gave up overnight gains in Asian trade Friday as high oil production from the Organization of the Petroleum Importing Countries tempered some of the bullishness among investors.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May CLK5, -1.08%   traded at $56.19 a barrel, down $0.52, or 0.8%, in the Globex electronic session. June Brent crude LCOM5, -1.05%  on London’s ICE Futures exchange fell $0.54, or 0.8%, to $63.47 a barrel.

Most of the recent euphoria in oil markets has been due to signs that U.S. oil production is peaking, and may start declining in the next few months, and reports of a widening conflict in Yemen.

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