Crude Futures Swing into the Red

by Mohammed Marzuq, KPI Bridge Oil
Wednesday July 15, 2015

Crude futures took a swing into the red today on the assumption that Tuesday’s Iranian sanction lifting will put an excess supply of oil in a already over saturated market.

EIA information stated that there had been a 4.3 million barrel draw in US crude stock last week; but this was not enough to bring prices into the green.

Nearly expiring Brent front month contracts for August delivery fell $1.46 to settle at $57.05 per barrel.

WTI contracts for August delivery softened over 3% settling at $51.41 per barrel.

Bunkers were softer in the primary ports today.