Gains for Brent as Conflict in Iraq Continues

by George Belekos, KPI Bridge Oil
Tuesday June 24, 2014

Brent resumed its upward trajectory today after investors exited with profits yesterday.

The conflict in Iraq continues to bolster Brent but the benchmark was also supported today on news out of Libya that a recently reopened oil port has been quickly shut again.

US crude stockpiles are expected to be down tomorrow but most WTI investors were on the fence today awaiting the news. Bunker buyers should be wary of the same.

By the end of the session Brent gained $0.34/bbl settling at $114.46/bbl while WTI slipped $0.14/bbl resting at $106.03. Bunker prices were stable in the primary markets.