Oil prices gained about 1% on leveraged US diesel prices.

International benchmarks for crude oil claimed a one-week high as prices rose about 1% on Friday, 25 August 2023, pulling support from the soaring US diesel prices, decreasing number of active oil rigs, and an unforeseen fire broke out at a refinery in Louisiana. 

Diesel futures skyrocketed about 5% to a near seven-month high, raising the diesel crack spread, a measure of refining profit margins to levels last seen in January 2023. Meanwhile, a fire erupted at Marathon Petroleum’s 596,000 barrels/day refinery in Garyville, Louisiana on Friday, 25 August however, the fire was extinguished. 

Also affecting prices was US energy firms reducing the number of active oil rigs for the ninth consecutive month according to reports from services firm Baker Hughes. 

Brent crude went up by $1.12 or 1.3% to $84.48/barrel.

US West Texas Intermediate climbed 78 cents or 1.0% to $79.83/barrel.