Big Slide for Crude Futures

by Mohammed Marzuq, KPI Bridge Oil
Wednesday July 1, 2015

Crude futures took a lovely beating today following yesterdays bull rush.

Iran and six other world powers have finished tailoring the highly anticipated nuclear plea deal, this draft shall be reviewed Thursday and Friday in Vienna.

The U.S dollar also firmed today against a basket of other currencies making commodities backed by dollar more expensive for buyers of other currencies.

The green-back surged on the ongoing Greek conflict which till now has not been resolved.

Brent front-month contracts for August crashed 2.6% settling at $62.00 per barrel.

WTI front-month contracts for August softened nearly 4% to settle at $56.96 per barrel,

U.S crude was down to its lowest levels since late April.

Bunkers were softer today in the primary ports, fuel oil buyers should cross there fingers and hope the momentum seen in todays market will continue to slide.

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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