Brent and WTI trade near multi-week lows on supply recovery, while European gasoil premiums reach record levels on potential US export restrictions.
European low-sulphur gasoil's premium to Brent hit a record high on potential US diesel export restrictions and supply shortages.
Brent crude held near two-week lows as improving Gulf supplies weighed, despite a slight intraday gain.
WTI futures fell and touched its lowest since September 1 on rising US crude inventories and improved supply outlook.
Global oil benchmarks remain under pressure as improving Gulf supply chains and rising US crude inventories weigh on market sentiment. Despite the broader bearish trend, European gasoil premiums surged to record highs amid speculation that the US may implement a diesel export ban to combat domestic price inflation.
Prices are pressured by the resumption of Saudi Arabia's East-West pipeline, increased exports from Iraq, and rising US crude inventories, which outweigh the bullish impact of diesel supply concerns.