Commodity Market Report
Global product markets weekly: Weak gasoline cracks weighed on global refining margins
Report summary
The oil market was undecided on the direction of benchmark prices. The weekly average of dated North Sea declined slightly by US$0.94/bbl to US$62.73/bbl last week. Concerns over the slowdown of global economic growth weighed on oil prices while the continuing Iran-related tanker conflicts in the Middle East supported the market. The US rig count declined for a fourth week in a row, providing some relief to concerns over global oil supply growth.
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