Oil Benchmarks Slip 1%

by George Belekos, KPI Bridge Oil
Monday January 23, 2017

Oil benchmarks slipped 1% today as US oil drillers added the most rigs last week in almost 4 years time.

Couple this with the expectation of large increases in capital spending on the horizon and any bullish news went by the wayside.

OPEC did mention over the weekend however, that nearly all of the 1.8 million barrel per day cut in production had been accounted for.

It was not enough to support the market and bunker prices were softer 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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