Oil prices were steady on Thursday after a price drop the previous day reversed the supportive impact of a surprise OPEC production cut announced this month.
Analysts see weak refinery margins as a major contributor to the oil price decline, with Tamas Varga of oil broker PVM pointing to heating oil and gasoil as "the main possible culprit for the outsized weakness".
Russia has increased exports of refined products despite an EU embargo and oil price cap, sources told Reuters. "For now, position adjustments will set the agenda but with an overall negative bias until refinery margins show signs of stabilising," Hansen said.
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