Oil Markets Continue Upward Trend

by Nick Bond, KPI Bridge Oil
Thursday August 15, 2013

Oil markets continued this week's trend and moved up further today as investors feared that the increasing violence in Egypt could spread throughout the region and disrupt supplies.

Prices rose as supporters of Egypt's Muslim Brotherhood stormed a government building in Cairo, setting it on fire, and clashes between security forces and Mursi supporters have left at least 525 people dead.

Many speculators fear that the unrest could spread throughout the region, choking supply movements or affecting other producers' ability to supply the markets.

The Labor Department reported today that the number of Americans filing for jobless benefits fell to its lowest level since October 2007.

Though the news is positive, some feel that it could entice the Federal Reserve to reduce its stimulus efforts sooner, which pressured equities and helped keep WTI's gain in check.

Focus remains on Egypt as many await further news for an idea on what will happen to crude supplies.

WTI gained $0.48 to settle at $107.33/bbl, while Brent gained $0.91 and settled at $111.11/bbl. Bunker 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.

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