Oil prices plunged to three-year lows on Friday amid escalating trade tensions between the world’s largest economies. Adding weight to sentiment was the prospect of supply disruptions from a key oil export diminished.
Lower refinery utilisation rates also contributed to the rise in crude stockpile. Data from EIA showed that refiners in the country operated at approximately 86% through the week, down by 1 percentage point from the week before.
Shell Singapore Pte Ltd has officially completed the sale of its refining and petrochemical operations in Bukom Island and Jurong Island to CAPGC Pte Ltd, a joint venture between Indonesia-based PT Chandra Asri Pacific Tbk and Glencore Asian Holdings Pte Ltd.