Crude Gains on Saudi Export Cut Pledge

by Tim Bonett, KPI Bridge Oil
Tuesday October 10, 2017

Today's market driver came from OPEC member Saudi Arabia which pledged to cut crude exports by 560,000 barrels a day in November.

The Saudi's have taken a leadership role in expediting the effort to reduce the supply glut.

However, some question whether they are trying to grab headlines while demand is actually waning in places like China and India.

WTI gained almost 3% on the day while climbed about half as much.

Bunker prices were firmer in the primary ports.

WTI NOV $50.92/BBL UP $1.34/BBL
Brent DEC $56.52/BBL UP $0.73/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.

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