Latest News And Fundamentals:
Oil prices fell on Friday ahead of the end of the peak-demand winter season in the northern hemisphere, although ongoing supply cuts and the weakening dollar offered broad support to the market.
Despite a generally healthy outlook for oil demand, there were short-term headwinds due to the upcoming end of the peak-demand period during the northern hemisphere winter season.
Many refiners shut down after winter for maintenance, resulting in lower orders for crude, their most important feedstock.
“Demand is starting to weaken as … refining capacity was taken out of the market”
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