Oil Markets Quiet, but Heading Towards Year End on an Upwards Trend

by George Belekos, KPI Bridge Oil
Wednesday December 28, 2016

Oil markets were relatively quiet today, heading towards the end of the year with an upwards trend.

WTI hovered near yearly highs and settled at $54,06 per bbl while Brent settled at $56.22, $0,13 per bbl higher than yesterday.

Tomorrow's direction will be determined by the EIA data with expectations for another draw to be prevalent.

Bunker buyers who will need to fill up the last couple of days of 2016 should expect higher prices as most suppliers are trying to cut down their year-end inventories creating a tightness in several ports worldwide.

There are hopes though that with the new year oil benchmarks will soften as they seem overheated from December's rally.

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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