Global product markets weekly: Refining margins retreated outside the US amid softened product cracks

The North Sea Dated Brent weekly average went up by US$0.50/bbl to US$59.66/bbl. While markets were indecisive on the price direction in the first half of the week, oil prices jumped on 10 October amid rising optimism over US-China trade talks in the hopes of a partial truce. Market sentiments were also cheered up by OPEC Secretary General Barkindo’s comment on the potential need for deeper OPEC output cut in 2020. On 11 October, oil prices increased amid heightened tensions in the Middle East after Iran reported one of its oil tankers, in the Red Sea, was hit with two missiles. Later it was less clear if the attack occurred.