Oil Down as OPEC Nations Increase Production

Oil prices declined across the board today as both Brent and WTI were negative. 

News that OPEC nations increased production in May for the first time in three months had investors looking to close their speculative bets. 

Additional news out of Libya that exports from Hariga Port should resume this week also increased downward pressure as salary negotiations with Petroleum Facilities Guard and the National Oil Company concluded. 

The talking heads are now finally, saying that oil prices maybe higher than they should be and one should expect WTI to go below $100 bbl near term. 

Bunker prices however remain mostly stable in the primary ports.  It will take a stronger decline in crude to produce any real change in bunker prices.

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