Crude Down on OPEC Comments

by Mohammed Marzuq, KPI Bridge Oil
Tuesday February 23, 2016

Crude prices fell today after OPEC leaders stated they would not have any production cuts in the near future.

Saudi's speculation is that energy demands would pick up, leaving excess barrels to dissipate.

Both Brent and Nymex front month contracts retreated  to last week's levels, settling down 4%.

We look to tomorrows U.S. DOE data to get sense of market direction as there was some bullish sentiment the past few trading days.

Bunkers were relatively flat early in the day but softened as the day went on.

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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