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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Brent came close to breaking $80 yesterday

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 11 Jul 2018 07:42 GMT

Brent oil price came close to $80 yesterday, but failed to break through as various pieces of news hit the market

An apparent softening on the U.S. request that all countries halt trade with Iran when the sanctions against the country are imposed later this year weighed slightly on prices. A number of countries have requested to be exempt from the U.S. ban to trade with Iran, and allegedly, the U.S. will consider this request. The U.S. in May decided to reimpose sanctions against Iran with effect from November.

Keeping oil prices in the late seventies is news that the Norwegian oil workers' strike is now in effect and, at the time of writing, at least one oil field is shut as a consequence of this. Norway is the biggest oil producer in Western Europe with a daily production close to 2 mio. barrels.

The weekly oil stocks data from the American Petroleum Institute (API) showed a larger-than-expected draw in crude oil stocks - 6.7 mio. barrels. Consensus for today's oil inventory report from the EIA is a draw of around 4.5 mio. barrels of crude.

Today, OPEC will release its monthly oil market report, which could cause some additional intraday volatility.

Turning to economic data, today sees a row of central bank speeches and U.S. inflation data (PPI). The U.S. could impose additional trade tariffs on Chinese goods - news which concerned the financial markets as it could affect global trade.



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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Oil up a notch on news of Norwegian oil workers heading for strike
A/S Global Risk Management Ltd.

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