Global product markets weekly: Refining margins rebounded amid strong demand for light ends and middle distillates

Oil prices were dominated by bearish sentiments last week. The North Sea Dated Brent weekly average decreased by US$3.69/bbl to US$59.16/bbl, which was 5% below its level prior to the Abqaiq and Khurais attacks. More fears over worsening trade conflicts pressured down oil prices on Monday following news that Trump administration planned to delist Chinese companies from US stock markets. Disappointed US factory gauge and Chinese manufacturing index aggravated markets’ concerns over softening demand growth. Larger-than-expected crude oil inventory level increase in the US pressured down oil prices further.