Crude Prices Continue to Slide

by George Belekos, KPI Bridge Oil
Wednesday October 26, 2016

Today's inventory report produced another surprise draw at a time when we typically see builds, however it was not enough to bolster oil prices.

The market is growing weary of OPEC's planned cut on production as Iran, Nigeria, and Libya will be excluded from the deal while others like Venezuela and Indonesia target output increases.

The draw on supplies was significant when compared to the large build expected but slumping oil prices is testament to the concerns regarding the potential production freeze.

Bunker prices were softening in the primary ports.

WTI December $49.18/BBL DOWN -$0.78/BBL
Brent December $49.98/BBL DOWN -$0.81/BBL

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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