Crude Down After a Choppy Day

by Tim Bonett, KPI Bridge Oil
Wednesday November 16, 2016

It was a choppy day in the oil market as forces were being applied from both ends.

More positive news came from OPEC with Russia taking the headlines as they expect and will support an agreement come the end of the month.

However, the EIA reported a much larger build in crude stocks than expected giving further credence to bearish fundamentals.

The positive sentiment will ultimately rely on Iran's cooperation and if they comply the fundamentals will shortly thereafter become an afterthought.

Bunker prices were volatile throughout the day.

WTI December $45.57/BBL DOWN -$0.24/BBL
Brent January $46.63/BBL DOWN -$0.32/BBL

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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