World News
Oil prices up After Better than Expected U.S. Economic News
Oil prices got their bounce today after recent drops on better than expected economic news in the United States.
Today, the U.S. Labor Department reported that jobless claims decreased by 5,000 to 305,000 last week, as opposed to analysts projections of a rise to 325,000.
Additionally, a report from the Commerce Department stated that GDP grew at 2.5% annualized rate last quarter, expanding at a faster pace than the first quarter's 1.1% annualized rate.
Equities markets were on the rise today as well, giving oil on both sides of the Atlantic a little extra push.
Gains were capped, however, as Libya continues to recover from recent shutdowns.
WTI gained $0.37, to settle at $103.03/bbl and Brent pushed $0.89 higher, ending the session at $109.21/bbl. Bunker prices were stable in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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