Oil Markets Ease Back

by Nick Bond, KPI Bridge Oil
Tuesday October 29, 2013

Crude prices came back a bit today as investors shifted their attention to U.S. inventories, which are expected to show another gain last week and recent Libya disruptions are anticipated to be short lived.

The markets began giving back some of yesterday's gains today after the Libyan El Sharara oil field was expected to return of operations after the most recent protests. 

In the U.S., refiners have reduced demand after the driving season as they idle units for seasonal maintenance. 

Stockpiles have been on the rise and are expected to continue until demand for products increases. 

Additional pressure entered the market as the Commerce Department reported that retail sales dropped 0.1% last month as opposed to the expected gain of 0.2%. 

Attention will remain on tomorrow morning's EIA inventory report for a look at U.S. supply & demand and news following the Fed's two-day meeting. 

WTI dropped $0.48 to end the session at $98.20/bbl and Brent gave back $0.60 to settle at $109.01/bbl. Bunker prices remained 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.

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