Crude Prices Start the Week Down

by Tim Bonett, KPI Bridge Oil
Monday August 22, 2016

Crude prices have started the week on shaky ground as China's exports of refined products soared and US oil companies continued to add oil rigs for an 8th straight week.

Some analysts are speculating that the recent rally has overstepped its bounds with little fundamental support behind the surge.

Adding to price pressure were more cold sentiments regarding any potential freeze agreement.

Investment bank Morgan Stanley does not anticipate Iran agreeing to put restraints on its production which would make any talks mute.

Bunker prices were softer in the primary ports.

WTI September $47.05/BBL DOWN -$1.47/BBL
Brent August $49.16/BBL DOWN -$1.72/BBL

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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