Crude Markets Edge Higher

by Nick Bond, KPI Bridge Oil
Thursday July 25, 2013

Crude markets edged up higher today after starting the morning down, driven by government reports showing that the number of orders for durable goods in the U.S. climbed in June and a weaker dollar.

According to the Commerce Department, orders for durable goods increased 4.2% in June and May's reading was revised to show an increase of 5.2%, outperforming original readings.

The dollar also weakened today against other currencies, making oil a more attractive alternative investment, which brought more speculators into the market.

Gains were kept in check, however, from the Labor Department's report showing that the number of Americans filing for unemployment benefits rose last week.

Oil continues to hover as no recent news today was really enough to push the commodity to fresh new highs nor remove the floor holding prices up. 

WTI inched up $0.10 to settle at $105.49/bbl and Brent gained $0.46 to settle at $107.65/bbl.  Bunker prices remained 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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