Commodity Market Report
Global product markets weekly: Robust product markets continue to support refining margins
Report summary
The bullish momentum in the oil markets did not last long. The weekly average of dated North Sea declined by $2.40/bbl to $63.67/bbl last week on the concerns over lacklustre global demand growth, following a weak China GDP growth reading last Monday. During Asia opening this Monday, oil markets edged slightly higher on the escalation of tanker-related conflicts in the Middle East and the shutdown of a 290 kb/d oil field in Libya. We expect the oil prices to be volatile during this data-heavy week.
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