The oil market softened on easing Middle East tensions around the Israel-Hamas war lowering risk on supply. Weak macroeconomic data from Europe and rise in US crude stocks led prices to fall further on a soft demand outlook. North Sea Dated crude’s weekly average decreased by US$3.30/bbl, in the week ended 27 October. Our ex-RVO global composite refining margins decreased by US$0.79/bbl to US$3.19/bbl, with US gasoline and Europe diesel losses. Weekly margins were at US$0.85/bbl below the five-year historical average for the same week (excluding 2022).