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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil remains above $70 with geopolitical tensions and tighter supply forecast

By A/S Global Risk Management.

Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management

Updated on 13 Apr 2018 09:12 GMT

Oil price remains above $70 as geopolitical tensions remain and tighter supply forecast from OPEC.

In the monthly oil market report from OPEC, published yesterday, the organisation states that global oil stocks level was around 207 mio. barrels below the same period last year (February numbers) with a surplus of 55 mio. barrels of crude. Also, the OPEC secretary general said to the media yesterday that "there is growing confidence that the declaration of cooperation will be extended beyond 2018".

Today, another energy giant, the International Energy Administration (IEA) will publish a monthly report on the oil market; interesting to follow if the parties agree on among others demand/supply balance etc.

Allegedly, U.S. president met with his national security team on the situation in Syria and "no final decision has been made." "We are continuing to assess intelligence and are engaged in conversations with our partners and allies," the statement from the White House said. British Prime Minister Theresa May spoke to Trump earlier in the day and the two agreed "on the need to deter the further use of chemical weapons by the Assad regime." "We have proof that last week... chemical weapons were used, at least with chlorine, and that they were used by the regime of Bashar al-Assad," French President Emmanuel Macron said. Russia's U.N. Ambassador Vassily Nebenzia urged the United States and its allies to refrain from military action against Syria and said he "cannot exclude" war between Washington and Moscow. "

Overnight, Chinese trade activities data came out weaker than expected. Coming up are a couple of U.S. central bank speeches along with job report.

Tonight the weekly oil rig count from Baker Hughes is published. Expect some market volatility after last week's huge increase in the number of active rigs. .

A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.

Related Links:

Oil prices continue the uptrend as geopolitics continues to take centre stage
A/S Global Risk Management Ltd.

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