Crude Sinks as US Inventories Rise by 2.5 Million Barrels

by Mohammed Marzuq, KPI Bridge Oil
Wednesday July 22, 2015

Crude prices sank today after official data showed crude inventories in the U.S had risen 2.5 million barrels for the week ending July 17th.

Opening day for WTI front-month contracts declined by $1.17 per barrel pushing the NYMEX market well below $50.00 per barrel widening the spread between Brent and WTI.

Rising crude inventories were not the only factor affecting crude prices  today, the U.S dollar firmed making commodities traded in U.S currency more expensive for holders of other currencies.

Brent contracts for September delivery also faced the same fate.

The ICE market fell $0.91 cents per barrel settling at $56.13 per barrel.

Bunkers were soft today 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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