Yesterday’s momentum had some real staying power today as crude benchmarks rose another 5%.
Doubters of the deal remain on the sidelines as speculators see $55-$60/bbl being the trading sweet spot for the foreseeable future.
However, the cuts do leave some room for other players in the market.
If prices start trading above that level the US is poised to have a substantial amount of oil hit the market.
Bunker prices were again firmer in the primary ports.
WTI January $51.06/BBL UP $1.62/BBL
Brent January $53.94/BBL UP $3.47/BBL
Tim Bonett, Broker & Trader, KPI Bridge Oil