Crude slid back into the red today as market participants saw little hope from the Venezuelan/OPEC meeting over the weekend.
The last several weeks we have seen heavy volatility in crude prices, swings up to 8% were the norm as speculators drove up prices on bets that crude kingpins would be closing in on a deal to help alleviate the pressures on the market.
Both Brent and WTI contracts softened nearly 4% as the realization of a deal faded off.
The bunker markets were extremely quiet today being affected by the Chinese New Year but nevertheless prices were soft across the board.
