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.
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.