Oil Prices Rise After Sudden Draw on US Crude Inventories

by George Belekos, KPI Bridge Oil
Wednesday May 21, 2014

A sudden draw in the US crude oil inventories moved oil markets higher today.

Speculators grasped the opportunity to drive WTI to its highest level for the past month as crude oil imports tumbled and caused the draw at the inventories.

Geo-political risk from Libya and Ukraine is still weighing on both WTI and Brent prices.

Stockpiles in Oklahoma kept declining causing the price gap between the two benchmarks to decrease.

Fundamentals remain the same and the market is well supplied with ample of oil while demand is still questionable.

Even though the general trend is for increasing oil prices, there is hope that a small correction might be possible within the next couple of days.

Bunker prices were firm in all major 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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