World News
Crude Futures Swing into the Red
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.