Investor Caution Puts Crude Benchmarks in Flux

by Tim Bonett, KPI Bridge Oil
Thursday January 16, 2014

Crude benchmarks were in flux today as indicators had investors cautious after yesterday's inventory report.

OPEC expects oil production to decline by 300,000 barrels a day in 2014 as producers outside the group, such as the U.S., Canada and Brazil, continue to boost supplies.

In the coming days, more oil will be coming into the global market as Europe plans on suspending a ban in place on reinsuring tankers hauling Iranian oil for the next 6 months.

In domestic news, U.S. jobless claims dropped to it's lowest level since November signaling growth in the economy and increase need in fuel.

By the end of the day WTI slid $0.21 to $93.96, Brent inched lower by $0.04, settling at $107.09. Bunker prices were stable 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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