The KUIK Closing Market Report for Monday, January 18:
Futures trading closed at 10 am Pacific time today . February crude ended down 1.6% to $28.94 a barrel on the New York Merc. With the end Iranian oil sanctions, Iran announced it will add 500,000 barrels a day to the world supply. The exact timeline for the ramp-up of Iranian crude exports is unknown. Issues that need to be addressed include how much crude is in storage and could be released immediately as well as how large a discount Tehran will offer for its oil to secure a higher market share.
Serving the West Side first I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/brent-oil-taps-under-28-a-barrel-as-investors-brace-for-iran-oil-2016-01-18
For today’s Closing Market Report click to listen->