Crude Markets Settle Mixed on Wednesday

by Nick Bond, KPI Bridge Oil
Wednesday November 20, 2013

Crude markets spent most of the day higher before settling mixed on uncertainty over Iran and speculation that the Fed could reduce stimulus efforts "in coming months." 

Oil prices first pushed higher today as investors were spooked that the outcome of meetings between Iran and Western countries might not end as well as originally thought. 

Reports stated there was a some tension between French President Hollande and Iranian Supreme Leader Ayatollah Ali Khamenei today and had investors hesitant that a deal would be reached soon.

In the United States, the inventory report from the EIA showed higher demand for refined products last week, implying demand is on the rise. 

The news pushed prices higher, though they came back as the day went on after minutes from the Fed's October meeting were released and had investors fearing a reduction in stimulus efforts in the coming months. 

WTI's December contract expired today at $93.33/bbl, down just $0.01.  Brent gained $1.14 during the session to settle at $108.06/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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