Crude Rallies 4% on "Technical Correction"

by Tim Bonett, KPI Bridge Oil
Tuesday July 12, 2016

Oil prices rallied as much as 4% today on a technical correction.

The dollar was a bit weaker adding to the buyback frenzy ahead of tomorrow inventory report.

Forecasts are for stockpiles to fall by a hefty 3 million barrels after a disappointing number last week.

Crude was in line with broader equities as well the Dow reached a new record high.

Bunker prices were naturally firmer 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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