Crude Makes Modest Gains Following Yesterday's OPEC News

by George Belekos, KPI Bridge Oil
Thursday September 29, 2016

OPEC’s production cut/freeze deal was still the main theme in the oil markets today.

Exact details have not been disclosed as who will do what to reduce production to 32.5 million barrels per day. 

As such doubts on the real effect of the deal capped oils gains at $0.55 bbl for Brent and $0.78 per bbl for WTI.

During today’s trading session Brent crossed the fifty dollar mark only to retreat at the end of the day and settle at $49.24/bbl. 

Near term further volatility should be expected and it is not unreasonable to expect oil prices to deflate soon after the bubble of the OPEC deal bursts and tanker traffic reveals no cuts have actually been made. 

Bunker prices were firm again today.

WTI November $47.83/BBL UP $0.78/BBL
Brent November $49.24/BBL UP $0.55/BBL

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.

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