FUEL OIL PRICE TODAY
FUEL OIL MARKETS UPDATE
Today, Fuel oil prices extended losses for the third day in a row. Both 180 cSt and 380 cSt graded fuel prices are descent, valued at $414 and $383 respectively with 1.65% loss at the time of reporting. Limited buying interest for physical cargoes, resulted in no deals being reported in the Singapore trading window as on Friday. Sentiment in Asia's fuel oil market has been weighed down by sluggish demand and expectation of ample near-term supplies as per the trading sources.
Crude oil markets are trading in red zone with bearishness lingering across the market. Additional rigs into U.S market, U.S output spree, weak financial markets and seasonal downturn in demand are the factors pushing down the oil prices.