Crude Markets Start The Week Mixed

by Nick Bond, KPI Bridge Oil
Monday October 14, 2013

Crude markets start the week mixed as WTI rose on speculation that an agreement could be reached to avoid default on the U.S. debt and Brent received pressure on the possibility of easing geopolitical tensions with Iran. 

Prices were down this morning, but got a bump after a meeting between the President and Congressional leaders was postponed in order to let the Senate move forward to a deal to raise the debt ceiling and end the government shutdown. 

The country is now in its 14th day of being shutdown, keeping hundreds of thousands of federal workers out of work and has been inhibiting expectations on oil demand to come. 

Across the Atlantic, Brent fell on concerns that talks between Iran and Western countries set to start on Tuesday could result in easing sanctions, which could allow Iranian crude to re-enter the market. 

This week's government inventory report won't be released due to the shutdown, but investors will keep their eyes on the API's report for an idea of the U.S. Stockpiles. 

WTI rose $0.39, ending the session at $102.41/bbl, while Brent fell $0.24 to settle at $111.04/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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