Crude Markets Down on Iran News

by George Belekos, KPI Bridge Oil
Monday January 13, 2014

Today's oil market recap is simply about supply and demand.

Oil prices declined as Iran agreed to freeze parts of its nuclear program in return for sanctions relief.

Potentially one million barrels per day of Iranian oil could flow into the global market as soon as January 20th. 

Meanwhile the disappointing U.S. unemployment results released Friday added to the speculation that the Federal Reserve will halt or slow plans to reduce its economic stimulus programs. The U.S labor market has not yet recovered.

While these two items would send crude in opposite directions the supply side prevailed.

Going forward, we expect downward pressure on crude prices as we move closer to the date that Iranian sanctions are officially lifted. Bunker markets softened through out the course of the day.

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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