Brent, WTI Both Move Lower on Tuesday

by George Belekos, KPI Bridge Oil
Tuesday January 20, 2015

WTI and Brent caught up with one another after the MLK holiday here in the US yesterday. 

Everything is still pointing towards even lower oil prices going forward. 

Iraq has boosted their production to 4 million barrels per day and expect increase exports. 

Iran advised today that $25 per barrel crude is no problem for them. 

While lower oil prices are good for the consumer and bunker buyer, lower prices may start to have a negative effect on the economies of the world and may actually reduce demand for oil in some locations. 

We are starting to hear of credit rating reductions for US oil and gas companies as wells are coming off line and drilling reinvestment becomes difficult. 

Bunker prices were mostly stable to soft in the primary ports.