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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Market Briefing
Michael Poulsen, A/S Global Risk Management Ltd.
02 Mar 2015 09:19 GMT





A/S Global Risk Management logo. First montly oil price gain in 8 months (Brent: $62.1)

Latest key economic data from China points to a pickup in activities - another set of data is due on Wednesday when the HSBC Services PMI is published and will be followed closely for confirmation of the trend. The Chinese central bank cut interest rates over the weekend to further spur growth. The large country's implied oil demand for 2015 is set to grow around 3%.

The fragile ceasefire in Ukraine seems to hold as the fighting eases slightly.

The recent sharp drop in rig counts in the U.S. seems to be flattening off according to the Baker Hughes rig count statistics; the number of U.S. oil rigs dropped by around 1/3 over the last 4 months.

OPEC's oil supply dropped by 350,000 barrels per day in February to 29.92 mio. barrels per day (from 30.27 mio. bpd in January), according to a Reuters survey. In Libya, output seems to have increased to around 400,000 barrels per day, while Iraqi output decreased partly due to bad weather conditions in the area.

Later today, a row of European Manufacturing activity data will be published as well as U.S. employment data and ISM Manufacturing Employment for February.


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Company: A/S Global Risk Management Ltd.

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