Lofty crude oil and feedstock prices continued to place pressure on base oil values, with suppliers adjusting spot pricing again this week to keep up with the higher production costs. Supply was described as balanced to tight against demand, depending on the base oil segment involved and other conditions such as the economic situation in each country.
Following last week’s decision by European Union members to start banning Russian imports of crude oil and refined products to blunt Russia’s spending power and deter the country from waging its war on Ukraine, crude oil values jumped. Futures were highly volatile during the week and were expected to remain so in the foreseeable future.
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