Oil futures end lower after losing grip on $50

Oil futures traded above $50 a barrel on Thursday for the first time in more than six months, then lost their grip to finish the session slightly lower as traders weighed the impact of recent declines in global production on the glut of crude.

July West Texas Intermediate crude CLN6, -0.87%  touched a high of $50.21 a barrel on the New York Mercantile Exchange, but pulled back to settle $49.48, down 8 cents, or 0.2% for the session. WTI oil hadn’t traded above $50 since July.

Brent crude LCON6, -1.15% for July delivery fell 15 cents, or 0.3%, to $49.59 a barrel on London’s ICE Futures exchange after touching a high of $50.51. Brent hasn’t finished a session above $50 since November.

Despite the pullback, the move above $50 was seen as a key moment by many analysts.

For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my