Bearish signals include a rise in fuel inventories as well as a fall in refined products profits in Asia, which are expected to hamper orders for new feedstock crude.
U.S. gasoline stocks USOILG=ECI rose 4.1 million barrels, EIA data showed, more than expected, while Singapore average refinery profit margins DUB-SIN-REF have fallen below $6 per barrel this month, their lowest seasonal level in five years.
Singapore average refinery profit margins DUB-SIN-REF have fallen below $6 per barrel this month, their lowest seasonal level in five years.
And with the crude price up by more than 13 percent since early December, some analysts expect a downward price correction following the recent bull-run.
“Markets are getting a bit fatigued, and a healthy correction could be on the cards,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.
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