Commodity Market Report
Global product markets weekly: Refining margins declined amid fuel oil selling pressure
Report summary
The October 10-11 increase in oil prices was short-lived. The North Sea Dated Brent weekly average decreased by US$0.39/bbl to US$59.27/bbl. Oil prices retreated amid lingering concerns over demand growth slowdown as markets reverted to scepticism about the potential full trade deal between the US and China. Adding downward pressure, US commercial crude inventories rose 9.3 million barrels due to lower refinery intakes and crude exports. Disappointing US manufacturing production data also contributed to bearish sentiments.
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