Heavy Losses for Crude as WTI Closes Under $39/bbl

by Mohammed Marzuq, KPI Bridge Oil
Monday August 24, 2015

Crude futures took a massive swing into the red today which was unsurprisingly in rhythm with global financial markets facing massive sell offs.

The uncanny dump in financial markets triggered a heavier than expected fall in commodities prices.

Brent contracts for October delivery tumbled 6% settling at $42.69 per barrel while WTI contracts for October fell 5.5% settling at $38.24 per barrel.

The following days should be very interesting; if U.S. stock builds incur gains we could easily expect Brent trading under $40.00 a barrel while WTI creeps towards $30.00 per barrel.

Bunkers were soft today in the primary ports but owners and operators are waiting for the dust to settle before filling up their ships.