Crude Benchmarks Dip on China Economic News

by Tim Bonett, KPI Bridge Oil
Monday March 10, 2014

Economic news out of China had crude benchmarks headed south to start off the week.

Exports out of China declined by the largest amount in five years sparking concerns over the economic growth of the second largest oil consuming nation.

China is expected to account for 11% of the 2014 global oil demand yet February crude imports were down 18% from January.

The market is also losing its focus on Russia where it appears less likely that any supplies to Europe will be disrupted.

However, Brent losses were stymied as Libyan officials struggle to get control over a rebel-held port.

At the end of the session WTI had lost $1.46/bbl settling at $101.12/bbl while Brent fell $0.92/bbl finishing at $108.08/bbl. Bunker prices were softening 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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