Trump Comments Help Crude Prices to Near 3% Increase

by Tim Bonett, KPI Bridge Oil
Wednesday January 11, 2017

Crude benchmarks fought through a heavily bearish EIA report and pushed on to a near 3% increase as a result of President-elect Trump's comments.

Stockpiles of both crude and distillates rose much more than expected but the dollar's plummet on Trumps news conference buoyed prices.

An extra push came as Saudi Arabia announced a cut of oil exports to Asia.

Bunker prices were firming in the primary ports.

WTI February $52.25/BBL UP $1.43/BBL
Brent March $55.10/BBL UP $1.46/BBL