World News
Crude Down, But OPEC Production Improving
Tuesday July 5, 2016
The “Brexit” came back into focus today in the financial markets, creating fears of a slowdown in the global economy.
As a result, oil markets tumbled adding to the recent volatility.
Brent settled more than 4% lower while WTI settled almost 5% down by the end of the day.
Additionally, OPEC’s production capacity seems to be improving with Libya and Nigeria adding some of the production that had been discontinued recently.
Largely ignored, however, were two terrorist bombings over the weekend in the Middle East.
Bunker markets were soft today but buyers should beware and expect a volatile environment with steep dips and strong spikes.