Oil Prices Continue to Tepidly Climb

by Tim Bonett, KPI Bridge Oil
Thursday July 13, 2017

Oil prices continued to tepidly climb today with momentum from yesterday's inventory report.

US crude inventories saw their largest weekly decline in 10 months yesterday spurring a flurry of buying activity.

The EIA is bearish on demand growth for 2017 but traders are weary that supplies will continue to outpace it.

Worldwide oil output for the month of June increased 720,000 barrels per day and OPEC compliance fell to 78% but prices were able to still come out positive.

Bunker prices were firmer again in the primary ports.