World News
Brent Follows Falls to New Five Year Low After European Price Cut
Oil continued its downward slide Tuesday, with Brent Crude falling to a new five-year low at $51.10 per barrel, reports the BBC.
This most recent slide was said to be due to Saudi Arabia's decision to cut oil prices to Europe, in a move that many are speculating is the country's attempt to defend its market share on the continent.
At the same time, the Kingdom, which is the Organization of the Petroleum Exporting Countries' (OPEC) largest producer, also raised prices in Asia.
The oil industry has been battling a global supply glut as various producers including Russia, Iraq and the U.S. have continued to pump more and more amounts of product into the market.
West Texas Intermediate also hit its five-and-a-half year low on Monday, having fallen below the $50 threshold, and Tuesday closed at $47.93 per barrel.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 644.50 | 2.50 | 765.00 | 14.00 |
| Rotterdam | 607.50 | 0.50 | 764.50 | 24.50 |
| Houston | 632.50 | 4.00 | 807.50 | 5.00 |
| Fujairah | 650.50 | 1.00 | 882.50 | 6.00 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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