Prices for all grades of base oils continue to strengthen throughout Europe, the Middle East and Africa, following a predictable routine of catching up with crude oil levels, which may have stabilized for now.
Levels for dated deliveries of Brent crude are just above the $45 per barrel mark, with West Texas Intermediate crude closing in at around $44.70 per bbl. ICE L.S. Gas Oil trades close to last weeks level, at $398 per metric ton in front month settlement. Despite mini spikes and troughs, crude oil has been trading in a range of $3/t-$4 per barrel for the last three or four weeks, so some pundits have commented that this is the new crude price that may be around for some time.
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