New records for oil markets

The oil markets recorded further record highs yesterday with WTI hitting $123.93 (€157.89) and Brent up to $122.37 during the respective trading sessions.

The much-anticipated EIA data delivered a set of bearish numbers with crude stocks leaping by 5.7mio bbls. Gasoline stocks also rose with a draw in distillates. The rise in oil prices has been attributed to this draw in distillates particularly diesel and heavy fuel oil which are seen to be in short supply globally.