Oil Slips, But Refined Fuels Jump

摘要

Oil futures dropped after a late-session sell-off Thursday, but prices for refined products climbed as traders weighed signals that demand has turned a corner against a backdrop of dramatic supply cuts being implemented by producers. “The price action of the past week implies that the oil prices have bottomed out. The expected jump in global oil demand and fall in Opec and non-Opec supply will drain oil inventories all over the world in the second half of the year,” according to Tamas Varga of oil brokerage PVM.