Commodity Market Report
Global product markets weekly: Crude price rise depressed global margins
Report summary
The oil market extended the price rally from the previous week, as news of a potential Covi-19 vaccine emerged. The North Sea Dated weekly average rose by US$3.79/bbl to US$42.04/bbl. Although the outlook for oil demand in the western hemisphere remains at further risk, short covering of positions in the global financial markets has driven oil prices higher. Over the course of the week, crude oil had outperformed oil products in most regions, particularly after the week’s vaccine announcement.
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