Global product markets weekly: Weakness in gasoline and middle distillates cracks dragged down global refining margin

A series of bullish news erased the losses on 29 November. The weekly average of North Sea Dated increased by US$0.56/bbl to US$65.00/bbl. Positive Chinese manufacturing data supported oil prices on Monday. Prices jumped on Wednesday following news that OPEC+ was likely to deepen oil output cuts. The larger-than-expected decline in US crude inventories also boosted market sentiments. Please see this Insight about the OPEC+ meeting outcome (link to the Insight). Downside risks on prices lingered amid mixed signals of the trade talks between the US and China.