Commodity Market Report
Global product markets weekly: refining margins improved on stronger gasoline and fuel oil cracks in Singapore
Report summary
The North Sea Dated weekly average increased by US$2.16/bbl to US$62.32/bbl. Oil prices rose last Monday, supported by the optimism brought by the resumption of trade talks between China and the US. A further drawdown in US commercial crude stock offered additional support to the oil market. However, the drop in OPEC+ production compliance rate in August capped the increase in oil prices. The implied US dovish stance on Iran sanctions after John Bolton left the Trump administration eliminated the bullish sentiment in the market.
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