After a busy week following Iran’s downing of a US unmanned drone, oil and product markets are now dealing with the fallout from the fire at the PES refinery in Philadelphia. It caused a moderate impact on crude oil imports
Enthusiasm over the possibility of a rate cut from the US Federal Reserve and trade optimism helped drive a major rally in crude oil prices. Oil prices closed at $62.30/bbl for Brent and $54.19/bbl for WTI.
Incidents involving tankers in the Gulf of Oman sent Brent prices up more than 4 percent early Thursday, though markets cooled somewhat by the close. Oil prices closed at $61.33/bbl for Brent and $52.16/bbl for WTI.