The celebration of the Lunar New Year dampened industry activity in several Asian nations this week, with trading in the key market of China notoriously muted. Even the lead-up to the holidays had yielded little fresh business as base oil prices had been mixed and buyers decided to delay purchases in hopes for lower values after their return from the festivities.
Crude oil and feedstock futures also failed to provide a good measure of where prices might be headed, as values remained rather volatile, swayed by socioeconomic forces along with supply and demand expectations.
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