Little Change for Crude benchmarks

by Nick Bond, KPI Bridge Oil
Monday July 29, 2013

Crude benchmarks were little changed by day's end today as investors focus on the outcome of the Federal Reserve's two-day meeting this week, though supply concerns in Europe and the Middle East did help support Brent's move up.

Brent crude inched up by settlement today as maintenance on the Forties pipeline reduced rates by approximately 40,000 barrels per day, tightening supply.

Concerns over a supply disruption in Egypt also helped to support the move today, as tensions rose between security forces and supporters of the Muslim Brotherhood.

Any gains were kept in check from news out of China announcing an urgent audit of government debt after industrial profit growth slowed, causing concern for China's future demand for oil.

All eyes are on Bernanke's press conference this Wednesday following the Fed's two-day meeting as investors focus on any clues regarding plans to curb the current stimulus efforts.

Additionally, many await the news about July U.S. jobs numbers for another view into the state of the U.S economy.

WTI fell $0.15 to settle at $104.55/bbl, while Brent gained $0.28 to settle at $107.45/bbl. Bunker prices were stable 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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