Oil Retreats on Gulf Supply Hopes Even as Diesel Markets Tighten
Analysts warn a U.S. diesel export ban could deepen global fuel shortages even as rising Gulf exports and renewed diplomacy could ease concerns over supply.
TL;DR
- Oil prices fell to two-week lows on September 23rd.
- Rising crude supplies from the Persian Gulf and hopes for Middle East diplomacy are easing supply concerns.
- Diesel refining margins have hit a record high.
- Fears of U.S. export restrictions are contributing to the rise in diesel prices.
- Brent crude futures rose by 1.34% to $100.58 per barrel.
- West Texas Intermediate futures gained 0.72% to $91.17.