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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil prices dropped sharply on Friday on various news and events

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 18 Jun 2018 02:21 GMT

At time of writing, the downtrend continues. The looming trade war between the U.S. and China flared again as first the U.S. introduced $50b of Chinese imports from next month - followed by retaliation duties by China on U.S. products, including crude oil.

Talks of a potential crude oil production increase by Saudi Arabia and Russia weighed on prices as well. OPEC and non-OPEC oil producers will meet later this week in Vienna to discuss the oil market and production policy going forward. While Saudi and Russia seem in favour of raising output, other OPEC members, e.g. Iran, seem less willing to exit the current oil production cut deal between OPEC and non-OPEC oil producers. Expect a lot of volatility this week as comments and rumours emerge..

Also weighing on oil prices is the soaring USD as crude oil is traditionally priced USD.

The weekly oil rig count by Baker Hughes showed an addition in the number of active. U S. oil rigs of 1 to 863 last week, the forth week in a row of gains.

Today sees a row of central bank speeches, other than that no major economic data. Today is a holiday in China.



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.






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Saudi/Russia back exit from oil production deal, Libya supply disruptions
A/S Global Risk Management Ltd.

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