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Diesel Worries Mount as Crosscurrents Jolt Oil Markets

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Oil prices seesawed over the course of the week as the market navigated the competing crosscurrents. Flagging demand in China and the possibility of a nuclear deal with Iran that could unleash more oil supplies drove prices lower early in the week. Oil futures clawed back some lost ground on Wednesday and Thursday after government reports showed that US crude exports reached a new record in mid-August and crude stocks plunged. Further bullish impetus came from Opec, with Secretary-General Haitham al-Ghais saying that the bloc and its allies could cut production at their meeting in September. International benchmark Brent lost $3 per barrel over the week to close at $96.60 on Thursday, while US price-pin West Texas Intermediate ended the week $3.77 lower at $90.57.

Topics:
Jet Fuel, Oil Spot Markets, Oil Products, Diesel/Gasoil
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