Oil Rig Count Weighs on Crude Oil Prices

by Tim Bonett, KPI Bridge Oil
Monday February 6, 2017

Last week’s oil rig count weighed heavily on crude oil prices today.

Friday's report put US oil drilling rigs at their highest level since October 2015.

The dollar was also on the rise further pressuring commodities like crude.

Though it has not yet had an effect on crude production or prices, the market continues to monitor the tension between the US and Iran.

New sanctions have brought to light the possibility of further developments which could eventually impact global crude supplies.

Bunker prices were softer in the primary ports.

WTI March $53.01/BBL DOWN -$0.82/BBL
Brent April $55.72/BBL DOWN -$1.09/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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