Dec 25, 2024 10:05 a.m.

Oil market continued to soften amid diplomatic effort in the Middle East

Chinese mega-refinery received a higher import quota for the year 2024, which translated to an additional 167,000 barrels per day of crude import demand.

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International benchmarks for crude oil registered another decline on Tuesday, 9 April 2024 as traders eyed the diplomatic effort in the Middle East. This was the second straight day of decline; however, the fall was limited. Chinese mega-refinery received a higher import quota for the year 2024, which translated to an additional 167,000 barrels per day of crude import demand.

Brent loses 96 cents to close at $89.42/barrel.

WTI fell $1.2 to settle at $85.23/barrel.