FUEL OIL PRICE - COMMENTARY
Fuel oil prices spiked around the market. Fuel oil 180 cSt grade jumps on with $10 with 2.44% upward change as on today from yesterday's price after Christmas trade holiday.
Both the crude oil futures went up by above 2.5% on Tuesday. Explosion in Libya and Forties pipeline outage and a talk of lid by producers on output to prop up oil prices in 2018 are the factors drived Brent to cross $67 and WTI to reach $59.97 a barrel. The rally was gradually running out of steam to move prices down on Wednesday despite of the outage in Libya and North Sea.