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Global physical crude oil markets are weakening because of soft refinery demand and ample supply, traders and analysts told Reuters, in a move that could spell further weakness for benchmark crude futures. The weakness indicates high interest rates and inflation are depressing consumer and industrial demand, especially in Europe, at a time when supply is rising from non-OPEC producers such as the United States. Demand from refiners is soft, even though their crude intake capacity has increased with the end of springtime maintenance.

Global physical crude oil markets are weakening because of soft refinery demand and ample supply, traders and analysts told Reuters, in a move that could spell further weakness for benchmark crude...

Brazilian energy major Petrobras has loaded diesel from India on board a Suezmax crude oil tanker after a month-long delay, according to shiptracking data and trade sources, the first such...

The conversion of a crude oil tanker to carry clean products enabled Petrobras to ship bigger volumes of diesel from Asia at lower costs, with Asian sellers also seeking demand outlets outside this region, the sources said.

Mexican export cuts and a rerouting of Canadian output are shrinking already limited supplies of heavy crude in the Atlantic basin, driving up refiners' costs with a likely knock-on effect to... -May 03, 2024 at 02:00 am EDT - MarketScreener