Crude Market Continues on Bearish Run

by George Belekos, KPI Bridge Oil
Tuesday March 10, 2015

Crude oil prices took a respectable beating today as the market continued on its bearish run. 

The main reason for this outcome was the U.S dollar surging to the highest level seen since 2003.

Compared to other currencies, the U.S dollar was up 1.2% against the euro, 0.2% against the British pound, 0.95% against the Aussie dollar, and 1% against the Swiss franc.

By early morning Brent was down 80 cents at $57.74 while WTI was down 45 cents at $49.55.

This inevitable downward trend held course throughout the day leaving both Brent and WTI settling almost 3% lower than the previous close.

Speculators still foresee an imminent decline in crude prices as net long positions stay extremely high and current crude production remains high.

Ultimately, this news is great for the bunker buyer as they are able to enjoy softer prices on fuel whilst taking advantage of tighter tonnage on the market driving up their freight rates especially on the tanker trades.

About KPI Bridge Oil

KPI Bridge Oil is one of the world's leading international bunker broking and trading firms. With a network of offices that covers every major time zone, we have an in-depth knowledge of ports and bunker markets around the world. Our access to real-time market information and long-established credit lines with suppliers means we use our buying power in the right place and at the right time. All this ensures our customers enjoy competitive prices - and on favourable terms.

To contact the editor responsible for this story email us at editor@shipandbunker.com