Oil Prices Plummet Following USA Long Weekend

by Mohammed Marzuq, KPI Bridge Oil
Monday July 6, 2015

After the long weekend here in the USA crude oil prices took a smashing over worry in Europe and potential in Iran.

Greece’s anti-austerity referendum could cause the already battered state to exit from the European Union causing negative effects to ripple across the regions economies.

Another significant factor pushing down on crude prices is the potential deal with Iran.

Speculators are beginning to understand the implications that will be brought fourth regarding a sanctions lifting to this hydrocarbon power house. Iran is also asking for new OPEC quotas looking to double their production. 

Brent front-month contracts for August cooled $3.78 settling at $56.54 per barrel.

WTI contracts for August has fallen nearly 11% since July 1st; today alone WTI fell $4.40 per barrel settling at $52.53 per barrel.

The bunker market was quiet today as buyers are playing it smooth waiting for the dust to settle.

But the real question is how low can crude futures go?

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