Crude Markets Open the Week Mixed

by Nick Bond, KPI Bridge Oil
Monday October 7, 2013

Crude markets were mixed today with Brent rising and WTI falling as violence in Egypt sparked up and investors fear the U.S. Government shutdown will inhibit economic growth.

Violence against the Egyptian government broke out again, igniting concerns of supply disruptions in the region.

News reports stated that in the town of Ismailia along the Suez Canal, gunmen killed six soldiers, which spooked speculators that the movement of oil through the canal could be disrupted.

In the states, investors are watching for signs on resolving the looming budget debate, which has pushed the government into its seventh day of the shutdown.

Until the budget is reached, about 800,000 people remain unable to work which many say will weigh on economic growth if this continues.

Further pressure on WTI came as employees returned to the jul platforms to continue drilling after Tropical Storm Karen made its way through the region.

WTI fell $0.81 to settle at $103.03 and Brent gained $0.22 to end the session at $109.68. Bunker prices were stable 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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