Crude prices got a sour start to the week as we may have witnessed the first chink in the armor of OPECs agreement.
Oil exports from southern Iraq reached a record high in December causing concern over the feasibility of the proposed cuts coming from other parts of the country.
The increasing US rig count also continues to put pressure on prices and today's slip saw prices tumble 4%.
As a result bunker prices were softer in the primary ports.
George Belekos, Marine Fuel and Lubricant Trader, KPI Bridge Oil