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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil rises a second consecutive day but ends the week much lower

By A/S Global Risk Management.



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


Updated on 16 Jul 2018 06:17 GMT

Ongoing strikes at Shell's 24 thousand barrels per day Knarr field and at Iraq Umm Qasr commodities port near Basra gave the oil market some reasons to push the price higher.

Gains were pared during late US trade after Bloomberg issued a report stating that the Trump administration could release some oil from its Strategic Petroleum Reserve to increase supply to the market. However, this has been market chatter now for a couple of weeks.

The US-China trade spat is also ongoing with the US announcing another $200b of tariffs on Chinese goods. Equities, Commodities and even Precious Metals markets have not been spared with price action in all classes moving in the same direction. The market awaits for the next response.

US Baker Hughes released its oil rig count data on Friday which showed that no oil rigs were added or taken out of operation last week. The number, which increased significantly during the first half of the year, has since slowed down due to the volatile and lower oil prices of the past couple of months.



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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