Oil Prices are Officially in a Bear Market

by George Belekos, KPI Bridge Oil
Wednesday October 8, 2014

If you haven't been paying attention oil prices are in a bear market…officially that is.

U.S. prices are 21% off of a September 2013 peak.

Inventory figures showed stockpiles grew more than expected as did imports while refineries processed less crude.

A selloff ensued and WTI slumped enough to officially be labeled a bear while Brent has been in a bear market since September 30th.

Speculators seem to think that shale-oil drillers won't pull back until prices near $80 a barrel.

Bunker buyers will surely enjoy the ride down.

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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