Crude Markets Slide After Initial Rally

by Marisa McGuire, KPI Bridge Oil
Thursday October 17, 2013

The US Congress finally reached an agreement to pass the bill to increase the debt ceiling and avoid a default late yesterday evening.

The agreement extends the Treasury's borrowing authority until February 7 and government funding until January 15.

Oil markets originally rallied, however the positive talks over Iran's nuclear program halted the rebound.

Crude markets slid lower on news that the United States oil supplies rose last week and more Americans than anticipated filed for unemployment benefits.

The API reported yesterday that crude stockpiles rose in the week that ended October 12th, signaling weak demand as refiners idle units for maintenance.

WTI dropped $1.62 to settle at $100.67/bbl, and Brent fell $1.48 to end the session at $109.11/bbl. Bunker prices were soft 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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