crude

Continued strength in refinery margins provides some resistance to the bearish outlook for crude, although a lot of that strength comes from supply concerns rather stronger demand, he adds.

The FAO also pointed to lower crude oil prices, which further pressured global sugar prices by reducing demand from the biofuel sector.

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“With that effect fading, the crude oil market loses one of the supports that had fueled expectations of tighter supply.”

Saudi Arabia, the world’s largest oil exporter, sharply reduced the price of its crude for Asian customers just days after OPEC+ decided to pause output increases for early next year.