Commodity Market Report
Global product markets weekly: Global composite refining margin retreated further amid stronger Dubai and Urals
Report summary
The North Sea Dated weekly average declined by US$0.58/bbl to US$60.14/bbl, erasing half of the previous week’s gains. Concerns over demand growth dragged down oil prices following disappointing China industrial data. Signals of no further Fed rate cuts and China officials’ negative comments over the potential trade deal dampened markets’ sentiments. Oil prices dented further amid the surprising 5.7-million-barrel increase in US commercial crude inventories for the week ending 25 October.
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