OPEC Freeze Expectations Still Drive the Oil Markets Today

by George Belekos, KPI Bridge Oil
Tuesday August 16, 2016

Expectations for an OPEC freeze production still drive the oil markets.

Monday’s comments of Russian officials, implying a potential agreement, echoed in today’s trading session and moved oil towards the highest levels of the last month.

WTI settled for a second consecutive day 2% higher at 46.58 per barrel a little before API reports inventory statistics.

A weak US dollar was also supportive of oil prices.

Market will be looking at tomorrow’s EIA report on inventories with expectations for a draw of approx. 300k barrels.

Bunker prices were firm again today.

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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