Commodity Market Report
Global product markets weekly: Asian margins weaken as gasoline cracks dip
Report summary
The dated Brent price weakened last week, declining by $1.54/bbl to bring the weekly average to $71.51/bbl. OPEC+ group commented that they would work to prevent an energy crisis, easing market concerns of tightening global crude supply given the expiration of the US’ Iran sanctions waivers and instability in Venezuela. There is a downside risk on the demand side as President Trump threatened to raise tariffs on Chinese goods from 10% to 25% on 10th May, rising the concerns of economic slowdown. Prices dropped sharply on Monday accordingly.
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