Crude contracts for February delivery settled lower today on a firm U.S. dollar and weak economic data out of the Far East.
Yesterdays surprise pop in prices, fueled by tensions between Saudi Arabia and Iran were quickly dissolved as the focus has now shifted back to the reality of an over saturated market.
API forecast data, for last weeks U.S. crude stock inventories, signify a build, but, we look to EIA data tomorrow which will give us a much clearer picture of market direction going forward.
Bunkers were mostly soft today in the primary ports.
Mohammed Marzuq, Broker & Trader, KPI Bridge Oil