Crude Prices Rise on Tuesday

by Tim Bonett, KPI Bridge Oil
Tuesday October 8, 2013

Crude prices rose today on hopes that the U.S. Government has inched closer to reaching an agreement on raising the $16.7 trillion debt ceiling.

Senate Democrats are planning a test vote towards the end of this week in order to gauge whether they have the needed support that would enable President Obama to raise the debt ceiling.

Also supporting WTI, the Energy Information Administration increased this month's expected yearly average price of WTI by $0.10 to $98.69/barrel while increasing the expected world consumption for the year to 90.26 million barrels, up 200,000 barrels from the previous month.

Crude markets now look to tomorrow's figures as analysts expect crude inventories to rise by 1.55 million barrels ahead of the EIA's official report.

WTI rose $0.46 to settle at $103.49 while Brent rose $0.48 to settle at $110.16. Bunker markets remained 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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