Global product markets weekly: Global refining margins improved on higher fuel oil cracks

The oil market corrected slightly up last week as bearish news was muted. The North Sea Dated weekly average increased by US$0.15/bbl to US$59.57/bbl. The overall compliance rate of OPEC and non-OPEC producers rose by 22% month-on-month to 159% in July, providing support to the oil market. Oil prices jumped on Wednesday after the EIA reported a 10-million-barrel decline in US crude inventories for the week ending 23 August. However, oil prices were capped by weakening sentiment around economic growth as new tariffs between China and the US kicked in over the weekend.