Crude Markets Mixed on Concerns Over U.S. Economy

by Nick Bond, KPI Bridge Oil
Monday July 22, 2013

Crude markets were mixed today on weak reports in home sales and corporate earnings raised concerns in the U.S. and fears of supply disruptions in the Middle East. 

Sales of previously owned houses fell last month, raising concerns that the U.S. economy may not continue improving as well as it has been. 

The number of houses for sale was the fewest for any June since 2001.

Corporate earnings also caused some concern, as reports showed weaker numbers than anticipated.

Investors fear that if corporate earnings take a hit, demand for oil will fall as well.

Brent found support today, though, from tensions in South Sudan, Libya and Iraq, which caused many investors to fear supply disruptions in the region could follow. 

Speculators are looking to this week's EIA Inventory Report to get another view of the demand picture in the United States. 

WTI for August delivery fell $1.14 to expire at $106.91/bbl, while Brent inched up $0.08 to settle at $108.15/bbl. Bunker prices remained 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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