Oil Benchmarks Climb on Russia Sanctions

by George Belekos, KPI Bridge Oil
Tuesday April 29, 2014

Oil benchmarks climbed today on the heels of yesterday's further sanctions placed on Russia by both the U.S. and EU.

Both parties have also warned Russia of future penalties pertaining to industries if Russian troops are put on the ground in Ukraine.

Further support to crude came as a gunmen opened fire on Libya's parliament, suspending a vote on the country's premiership.

The shooting comes just days before the first cargo export of crude is scheduled to leave a Libyan port since last July.

WTI failed to maintain levels seen earlier in the day as there are still ample amounts of supply in the U.S. as investors anticipate tomorrow's EIA report.

By the end of the day WTI gained $0.44/bbl, settling at $101.28/bbl. Brent rose $0.86/bbl finishing the day at $108.98/bbl. Bunker prices were firmer in the primary ports.

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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