Crude Futures Fall After Early Rally

by Mohammed Marzuq, KPI Bridge Oil
Wednesday June 24, 2015

Crude futures ended up falling significantly today after rallying early in the trading day.

Government data showed that there was a 4.9 million barrel draw in U.S crude stocks last week but nearly a 700K barrel build in crude products which helped put some downward pressure on futures prices today.

Furthermore, speculators are still weary of the Greek situation which till now has not been capitalized on leading the U.S dollar to firm against a basket of other currencies making commodities backed by the green-back more expensive for holders of other currency.

Brent tumbled nearly $1.00 settling at $63.50 per barrel while WTI fell $0.74 cents settling at $60.27 per barrel.

Bunkers were mostly steady today as suppliers were trying to price basis market fluctuations.

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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