Print

International benchmarks for oil prices moved lower for the second consecutive day on Tuesday (15 March) as hope for a supply curb from OPEC and non-OPEC members faded. A meeting between major oil producers to discuss about further details on an output freeze agreement was initially scheduled on 20 March, however it has been postponed to April. Analysts are very skepticism about the outcome of the meeting saying that "they wouldn't be surprised if the campaign for the meeting doesn't soon shift to a lobbying effort targeting OPEC's scheduled Jun 2 summit instead." Market is also awaiting for a crude oil inventories report in the USA this Wednesday which is well expected to increase again, but a drop in gasoline and distillate is also not out of sight.

WTI closed at   $36.34/b (-$0.84)
Brent closed at $38.74/b (-$0.79)

Kindly visit the Daily Price section for the latest import and local prices to/in China and Southeast Asia market.