Commodity Market Report
Global product markets weekly: Weak gasoline cracks weighed on global refining margins
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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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