Demand in European, Middle Eastern and African base oil markets seemed mixed this week, perhaps signalling a transition to busier times. API Group I trade was sluggish with very few new deals emerging during the last week, while activity involving Group II and III oils is reportedly picking up again after the summer lull.
Crude oil rebounded upward in the face of the ongoing trade war between the United States and China and lower-than-expected crude inventories in the U.S. Dated deliveries of Brent crude posted at $75.95 per barrel yesterday for October front month, around $3.50 higher than last week. West Texas Intermediate climbed around $2.50 to $68.75 per barrel, also now for October front month.