Week Starts with Mixed Movements for Crude

by George Belekos, KPI Bridge Oil
Monday March 9, 2015

Prices of WTI crude oil rose today after market data from Genscape reported a meek stock build up last week at Cushing, Oklahoma. By 11am WTI jumped nearly one dollar to $50.61 per barrel.

Fortunately for the bunker buyer this momentum could not push threw the remainder of the trading day as levels settle at $50.00.

It was still an upside as we saw an increase from last weeks levels for WTI.

The good news is that the front-month contract took a beating today as US officials stated the labor force increase, strengthening the U.S dollar.

Brent went down by $1.00 early in the day settled at $58.53.

Some analysts still speculate we have not yet seen the floor, hopefully they are right and bunker buyers will once again stay well below budget.