World News
Crude Futures Continue to Firm
Wednesday June 10, 2015
Crude futures firmed again today on information that U.S crude inventories fell by a massive 6.7 million barrels.
It was forecasted that draws from Cushing, Oklahoma would be 1.5 million on the high side.
WTI front month contracts firmed up over 2% for a second day in a row settling in at the new year high of $61.43 per barrel.
Brent July contracts rose $0.60 cents settling in $65.50 per barrel.
Although crude futures firmed significantly these past few months, vessel owners have been able to save over 40% of there operating costs since last year.
If it wasn't for current crude levels we would expect a majority of bulk vessels laying aimlessly on Indian and Pakistani beaches.