Crude Benchmarks Slide 3%

by Tim Bonett, KPI Bridge Oil
Wednesday December 14, 2016

Oil prices finally met some resistance today as the EIA report and the Fed's actions had benchmarks sliding more than 3%.

The US Federal Reserve raised rates a quarter point sending the dollar up and stifling crude.

US inventories fell more than expected but a closer look at the data showed that Gulf Coast stocks were only slightly impacted and true supply-demand fundamentals were bearish.

As a result, bunker prices were softer in the primary ports.

WTI January $51.04/BBL DOWN -$1.94/BBL
Brent February $53.90/BBL DOWN -$1.82/BBL