Commodity Market Report
Global product markets weekly: Refining margins improves amid stronger middle distillates and fuel oil cracks
Report summary
The weekly average of North Sea Dated declined by US$1.38/bbl to US$67.20/bbl. Oil prices retreated following reports that Russia had the intention to discuss exiting OPEC+ cut in 2020. The prices surged by more than 3% on Friday after a US airstrike killed Iran military leader Soleimani in Iraq. The heightened tensions between the US and Iran posed further upside risk to oil prices due to potential supply disruptions depending on Iran’s response. The 11.5 million barrels drawdown in the US commercial crude inventories versus a downbeat US factory gauge provided mixed signals for oil prices.
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