World News
Crude Benchmarks Slide 3%
Wednesday December 14, 2016
Oil prices finally met some resistance today as the EIA report and the Fed's actions had benchmarks sliding more than 3%.
The US Federal Reserve raised rates a quarter point sending the dollar up and stifling crude.
US inventories fell more than expected but a closer look at the data showed that Gulf Coast stocks were only slightly impacted and true supply-demand fundamentals were bearish.
As a result, bunker prices were softer in the primary ports.
WTI January $51.04/BBL DOWN -$1.94/BBL
Brent February $53.90/BBL DOWN -$1.82/BBL