Oil Prices Sink as U.S Dollar Strengthenes

by Mohammed Marzuq, KPI Bridge Oil
Tuesday May 19, 2015

Oil prices sank today as the U.S dollar strengthened against other currencies. 

Additional, impetus was provided by news yesterday that Saudi Arabia has produced and exported more crude than they have in over a decade.

The expiry of WTI June contracts softened $2.17 to settle at $57.26 per barrel.

Brent front-month contracts July fell $2.25 settling at $64.02 per barrel.

Bunkers softened in the primary ports but it seems that physical suppliers are still trying to hold the line on higher prices.

We expect prices to fall even further after US inventory data will come to market.

Bunker buyers should keep an eye on the market and trust KPI's advice as to when to pull the trigger on any pending stems.

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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