FUEL OIL MARKETS UPDATE
Fuel oil prices in Singapore market slipped for the third straight day after a hefty price rise during the last week. Singapore weekly onshore fuel oil inventories fell 10 percent, or 2.529 million barrels to a five-week low of 21.691 million barrels in the week ended March 27. This came as weekly net imports of fuel oil into Singapore slipped 8 percent from the week before to a two-week low of 803,000 tonnes.
Brent Futures continued to fall after losing around 1.31 percentage since the beginning of the week due to bearish stocks reports. Rising U.S stock piles and production numbers weigh on OPEC decision of extending the cuts through 2018.