- Oil is down by nearly $1/Bbl, extending losses from yesterday
- WTI prices have fallen about $4.75/Bbl over the past three days as prices give up recent gains
- A lack of new stimulus from China has weighed on prices despite the market continuing to anticipate further conflict in the Middle East between Israel and Iran
- Morgan Stanley raised its Brent crude price target by $5 to $80/Bbl for the fourth quarter on heightened geopolitical risk
- Chinese refiners prepare for lower Iranian volumes (S&P)
- Chinese refiners anticipate lower Iranian oil imports due to Middle East conflicts, with a potential rise in prices but no major disruptions expected
- Senior officials say Iran's missile launch into Israel could lead to Israeli retaliation, impacting Iranian oil exports
- Independent refiners heavily depend on sanctioned crude from Iran, Russia, and Venezuela, transacted via local banks
- Potential alternatives for Chinese refiners include increasing Russian crude purchases amid tight Iranian supply
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