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.

Oil Retreats on Gulf Supply Hopes Even as Diesel Markets Tighten

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.