Brent Back Under $50 as Crude Slumps on OPEC Comments

by Tim Bonett, KPI Bridge Oil
Thursday May 4, 2017

Oil markets tumbled today after comments from OPEC delegates that they would be willing to extend the time for the output cuts but they would not reduce production any further.

That was enough to send WTI below $46 and Brent break below $50, at their lowest levels in 5 months.

Until May 25th when OPEC meeting is taking place volatility will be the main characteristic of the market as speculators are trying to interpret every comment and any rumor that may be leaked by officials.

If fundamentals prevail oil’s slide should be expected to continue.

Bunker prices were softer today in all major ports.

WTI June $45.52/BBL DOWN -$2.30/BBL
Brent July $48.38/BBL DOWN -$2.41/BBL

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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