Crude Skyrockets to 8-month High

by Tim Bonett, KPI Bridge Oil
Thursday June 12, 2014

Crude skyrocketed today to an 8-month high on geopolitical concerns out of Iraq.

Al-Qaeda linked militants have gained control of major cities to the North of the country creating fears about the future global crude supply situation.

Most of Iraq's crude production comes from the South but after losing control of Mosul, the second-largest city, tensions are running high that further control will be lost.

Iraq was anticipated to increasingly aid global supplies but if the secretarian violence continues and Libya remains off line oil prices will remain quite volatile.

By the end of the session Brent soared $3.07/bbl resting at $113.02/bbl. WTI jumped $2.13/bbl finishing the day at $106.53/bbl. As you can imagine bunker prices were quite 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.

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