Oil Down as OPEC Nations Increase Production

by Marisa McGuire, KPI Bridge Oil
Monday June 2, 2014

Oil prices declined across the board today as both Brent and WTI were negative. 

News that OPEC nations increased production in May for the first time in three months had investors looking to close their speculative bets. 

Additional news out of Libya that exports from Hariga Port should resume this week also increased downward pressure as salary negotiations with Petroleum Facilities Guard and the National Oil Company concluded. 

The talking heads are now finally, saying that oil prices maybe higher than they should be and one should expect WTI to go below $100 bbl near term. 

Bunker prices however remain mostly stable in the primary ports.  It will take a stronger decline in crude to produce any real change in bunker prices.

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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