Crude Prices Lift as Investors Focus on Supply Worries

by Nick Bond, KPI Bridge Oil
Tuesday August 13, 2013

Lower-than-expected July retail sales in the U.S. were not enough to pressure markets, as investors focused on supply worries, lifting prices.

Some light pressure on prices today came from the Commerce Department's report on U.S. retail sales, which showed that July sales rose only by 0.2%. Analysts were expecting a rise of 0.3%. 

Today's support came from overseas as Libya closed its two largest crude export terminals yesterday, shortly after they reopened.

The country's deputy oil minister said that exports could resume as soon as Thursday, after workers and authorities reach an agreement to end the ongoing strikes.

However, many became more concerned after Libya could not promise anything about deliveries next month due to the current strikes.

Focus tomorrow will switch to the EIA report, for a look into the supply and demand status in the states.

Some analysts are expecting the report to show inventories fell to a seven-month low last week. 

WTI gained $0.72 to settle at $106.83/bbl and Brent rose $0.85, settling at $109.82. Bunker prices were firm 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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