Mixed prices trend to prevail in bunker market next week
The Bunker Review is contributed by Marine Bunker Exchange
Brent crude oil traded near its lowest closing level in nine months before the European Central Bank announced its monthly decision on monetary policy. West Texas Intermediate (WTI) was near a six month low.
Oil Futures were little changed in London. ECB officials led by President Mario Draghi are forecast by economists to keep the main refinancing rate at a record-low 0.15 percent and the deposit rate at minus 0.1 percent.
Brent Crude Oil fell towards $104 a barrel on Thursday as ample supply in global markets was compounded by worries over the impact of trade sanctions on global economic growth. Russia announced a full list of U.S. and EU food imports to be banned in retaliation against Western sanctions over its support for rebels in Ukraine. This continued escalation between EU, U.S. and Russia over sanctions is bad for the global economy.
Prime Minister Dmitry Medvedev said Russia will ban fruit, vegetables, meat, fish, milk and dairy imports from the United States, the European Union, Australia, Canada and Norway. The ban is valid from Aug. 7 and will last for one year, he said. Medvedev also said Moscow was considering barring European Union and American airlines from flying over Russian territory. The Russian ban on food imports will likely be followed by more sanctions from EU and the U.S. – Oil prices have fallen more than $10 a barrel over the past six weeks, as global supply exceeded demand, building up a glut in the Atlantic Basin and Asian markets.
Brent crude oil was down 30 cents at $104.29 a barrel by 0910 GMT, after closing at $104.59 a barrel on Wednesday, its lowest since Nov. 7. U.S. crude was down 30 cents at $96.62 a barrel, after reaching a six-month low of $96.69 in the previous session.
For the coming week we expect irregular bunker prices.
All prices stated in USD / Mton
All time high Brent = $147.50 (July 11, 2008)
All time high Light crude (WTI) = $147.27 (July 11, 2008)
