Crude Markets Fall Ahead of a Possible U.S. Government Shutdown

by Nick Bond, KPI Bridge Oil
Monday September 30, 2013

Crude markets fell today following the move in equities as the possible shut down of the U.S. Government had investors selling off risky assets.

Congress has until midnight tonight to reach an agreement and pass a budget, otherwise it is reported that nonessential government operations could stop.

Investors fear that if the budget is not passed, it could begin to inhibit fourth quarter economic growth and eventually lead to a decrease in demand for crude in the world's largest oil-consuming nation.

Pressure also continued to come out of the Middle East, as tension in Syria cooled and last week President Obama and Iranian President Hassan Rouhani spoke by phone which could be  a step towards a diplomatic solution between Iran and the West.

WTI dropped $0.54 to settle at $102.33/bbl and Brent fell $0.26 to finish at $108.37/bbl. 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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