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The Commodities Feed: Gasoil cracks strengthen
The rally in oil ran out of momentum yesterday and Brent struggled to hold onto gains made in the early part of the trading session. There is likely reluctance amongst participants to push too much higher right now with the market clearly in overbought territory. There is also possible nervousness that OPEC+ and specifically Saudi Arabia could start to ease cuts earlier than scheduled if prices move much higher- something we have highlighted for quite some time now. Gasoil cracks received a boost yesterday with the November ICE gasoil crack rallying from around US$30/bbl to close to US$34/bbl. This is after reports ... (full story)