The EMEA base oil scene is reportedly flat this week due to holidays and almost no demand. The outlook looks dreary with few enquiries, and many players say they dont expect revived activity until at least September.
Dated Brent has stabilized between $108 and $109 per barrel. Market expectations are that U.S producers will review base oil numbers with higher crude and product prices soon, and with West Texas Intermediate moving up to within $2 of Dated Brent, pressure to hike base oil prices may be building from across the Atlantic. Within Europe, Middle East and Africa regions, API Group II prices may come under pressure in Europe to move higher, endangering the grades steady progress in Europe.
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