Brent Falls Nearly 5% to Break Through the $50 Threshold

by Mohammed Marzuq, KPI Bridge Oil
Monday August 3, 2015

Crude oil took a smashing today due to the plummeting Chinese stock market,  this was coupled with continual crude oversupply in a heavily saturated market.

Brent contracts for September delivery fell nearly 5% breaking the $50.00 threshold that it has been hovering over for the past few months, by the end of the trading day the Ice market settled out at $49.52 per barrel.

WTI front month contracts for September softened by 4% to settle at $45.17 per barrel.

Bunkers were softer today across the board and we can imagine that speculators will be betting on a big draw in U.S inventory this week, but the question remains… will crude fall any lower ?

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.

To contact the editor responsible for this story email us at editor@shipandbunker.com