Crude Benchmarks Continue Gains

by Tim Bonett, KPI Bridge Oil
Thursday February 6, 2014

Applications for U.S. unemployment benefits dropped for the first time in three weeks and the European Central Bank delayed a decision to cut interest rates as the euro also gained against the dollar, all supporting the price of WTI.

Investors are now awaiting the Labor Department's monthly jobs report tomorrow where they anticipate an increase in payrolls signaling a stronger economy.

Capping the benchmark today was anticipation that prices have been supported by cold weather that will be moderating as we move on into the month.

At the end of the session WTI had gained $0.46/bbl, settling at $97.84/bbl and Brent gained $0.94/bbl finishing the day at $107.19/bbl. Bunker prices were stable 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.

To contact the editor responsible for this story email us at editor@shipandbunker.com