Crude oil outlook still cautious despite output cuts
Crude oil market turned bullish along with other commodities, benefitting from initial optimism over phase one trade deal between the US and China.
Still uncertainty remained as markets needed clarity on what exactly the deal entailed. The longer market have to wait for details, the more likely participants will start to question how good the deal actually is.
On the demand front, weak refinery margins continued to create doubts over demand for crude as all regions saw margins grinding lower, with Asia seeing negative margins, while in North-West Europe, margins are flirting with the negative territory.
