The price of Brent crude oil has stabilised at around $105/b
There has been very little change in oil prices since their sharp decline following the announcement of the use of US strategic reserves. The price of…
Brent futures prices recovered as of early Wednesday, at 68.8 $/b as the API survey showed a surprise draw in crude oil stocks, demonstrating a faster rebalancing of the US crude market. Japanese weekly statistics showed a continued recovery in refining runs. Imports were likely up as commercial crude stocks rose by 1 mb. European and Asian middle distillate cracks continued to edge lower, pushing refining margins at concerning levels.
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