Bunker Market this evening 23th August!
Oil prices rose on Tuesday, reversing early losses, after Reuters reported Iran was sending positive signals that it may support joint OPEC action to prop up the market.
Iran, the third-largest oil producer in OPEC, has been boosting output since the lifting of Western sanctions in January and refused in April to join an OPEC production freeze plan.
"Iran is reaching its pre-sanctions production level soon and after that it can cooperate with the others," said a source familiar with Iranian thinking after a visit by Venezuelan Oil Minister Eulogio Del Pino to Tehran.
A two-year long selloff in oil has severely hurt the economies of Venezuela, Iraq and Nigeria and they are more anxious to boost crude prices than OPEC producers such as Saudi Arabia and Iran, that are more keen in protecting market share. Despite rebounding this year, oil still trades at less than half of mid-2014 levels of above $100 per barrel.
Oil Future close 23rd August:
Brent: $49.96 (+0.80)pbr
WTI: $48.10 (+0.69)pbr
MGO: $440.25 (+4.50)/mton
Ny Harbor Ulsd: $462.34 (+4.74)/mton
Expect bunker price increase tomorrow.