While oil prices spiked due to a combination of OPEC+ underwhelming markets and wildfires in Canada, a rising geopolitical risk premium is lifting both Brent and WTI and is set to stick around for a while to come.- US-China trade war and OPEC+’s flooding of oil markets with additional supply have lifted refinery margins across the world, with gasoline, jet fuel, and diesel cracks all staying in double digits since the beginning of May.- Global refining margins, as calculated by consultancy Wood Mackenzie, rose to their highest since March…
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