Oil Up on Positive IMF Comments

by George Belekos, KPI Bridge Oil
Tuesday January 23, 2018

Oil prices settled up on Tuesday thanks to a tailwind from the International Monetary Fund which revised its forecast for world economic growth.

The IMF increased growth expectations by 0.2% to 3.9% for both 2018 and 2019.

This growth will translate into more oil consumption while supplies are being constricted.

Tomorrow's EIA report is expected to show a tenth consecutive week of draws for crude at 1.3 million barrels.

Bunker prices were firming in the primary ports.

WTI FEB $64.47/BBL UP $0.98/BBL
Brent MAR $69.96/BBL UP $0.93/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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