Crimea Sanctions Send Crude Markets Tumbling

by Tim Bonett, KPI Bridge Oil
Monday March 17, 2014

The US and EU levied "sanctions" on top Russian officials and other Ukrainians for supporting yesterday's secession of Crimea, sending crude markets tumbling today.

Investors are not expecting the sanctions to have any negative effect on the supply of oil and as a result Brent was firmly pressured throughout the day.

The market was able to shrug off news of continued civil unrest in Libya.

Protesters shut a pipeline from Sharara, the country's second-largest oil field, and US Navy SEALs thwarted the first attempt to export crude from a port controlled by rebels in Eastern Libya.

Brent ended the session at $106.24/bbl, retreating $1.97/bbl. WTI slipped $0.81/bbl, finishing the day at $98.08/bbl. Prices were soft 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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