Crude Benchmarks Tread Lightly Over Iraq Developments

by Tim Bonett, KPI Bridge Oil
Tuesday June 17, 2014

Crude benchmarks treaded lightly as the situation in Iraq continues to unfold.

President Obama announced that the U.S. will deploy American troops to protect U.S. interests in Iraq while also contemplating what further actions to take.

Islamic militants continue to march south towards Baghdad increasing geopolitical tensions and threatening the global oil supply.

At this point the oil refineries that lie to the south remain unaffected but the Iraqi government continues to tighten oil infrastructure security.

By the end of the day WTI fell $0.69/bbl settling at $106.22 while Brent increased $0.55/bbl, finishing the day at $113.49. Bunker prices were stable in the primary ports.

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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