Crude Up as U.S. Makes Headway On Increasing the Debt Limit

by Tim Bonett, KPI Bridge Oil
Thursday October 10, 2013

WTI rose with U.S. equity markets on signs that the Government was making headway on increasing the debt limit.

House Republican leaders proposed a short term plan this morning that would extend the debt ceiling through November 22nd.

In return, the GOP is hoping that President Obama will consider other budget and deficit issues plaguing the standoff between the two sides.

Across the Atlantic, Brent soared on the detention and subsequent release of Libya's Prime Minister Ali Zaidan.

Local militia had seized Zaidan in a Tripoli hotel on false information that an arrest warrant had been issued for the Prime Minister, sparking concerns about renewed disruptions to supplies in the Middle East.

WTI ended the day up $1.40 settling at $103.01 while Brent jumped $2.72, settling at $111.78. Bunkers prices were firm 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.

To contact the editor responsible for this story email us at editor@shipandbunker.com