Crude Up for a Fifth Day

by George Belekos, KPI Bridge Oil
Wednesday August 17, 2016

Another day, another increase, oil prices have now increased for five trading days. 

Weakness in the US dollar and a higher than expected draw in crude inventories were the main drivers of the market today. 

Not even Saudi Arabia’s announcement of intention to increase production to highest levels ever was able to threaten the rally.

WTI traded lower early in the day only to settle higher at $46.79 per bbl.

It is starting to feel like there is upward momentum for, that will continue in the near term.

Bunker prices continue to increase worldwide.

WTI September $46.79/BBL UP $0.21/BBL
Brent August $49.85/BBL UP $0.62/BBL