Crude Benchmarks Make a Depressed Start to the Week

by Tim Bonett, KPI Bridge Oil
Monday November 14, 2016

Crude benchmarks got off to a depressed start for the week as the weight of another year of oversupply pressured prices.

However, losses were pared after there was renewed hope in an apparent OPEC deal.

Insistent comments coming from the Saudi Energy Minister infused new hope that a deal could be in the works.

Record output leading up the November 30th meeting could be interpreted as members jockeying for market share ahead of the freeze.

Bunker prices were soft during the morning hours but firmed up as the close approached.

WTI December $43.32/BBL DOWN -$0.09/BBL
Brent January $44.43/BBL DOWN -$0.32/BBL

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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