UNITED STATES – Global oil prices stabilised after a tumultuous trading session as investors weighed contradictory news about prospective US-Iran peace talks. WTI traded at USD 98 per barrel, while Brent crude finished below USD 109 per barrel. Despite rising crude exports from the Persian Gulf, repeated attacks on oil ships and energy infrastructure have raised concerns about petroleum supply disruptions and maritime security. The prolonged uncertainty could have an impact on refinery operating costs, shipping charges, and conventional base oil pricing, thereby lowering the competitiveness of re-refined base oils (RRBO).
For more information, click here to read more.
(Source: Reuters; The Edge Malaysia)