UNITED STATES – Global oil prices remained high as ongoing conflicts in the Middle East and Ukraine fuelled concerns about fuel supply interruptions. Brent crude traded just below USD 110 per barrel after surpassing that level on Friday, while West Texas Intermediate (WTI) remained around USD 101 per barrel. Attacks on energy infrastructure and reported tanker strikes in the Persian Gulf have raised fears about global oil exports, and fuel prices have risen dramatically. The ongoing uncertainty may raise refinery operating costs and petroleum transportation charges, thereby influencing conventional base oil pricing and the competitiveness of re-refined base oils (RRBO).
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(Source: Bloomberg; The Edge Malaysia)