Oil retreats following Thursday’s refined products-led rally

Oil benchmarks are trading moderately lower in Asia following Thursday’s Gasoline and Diesel-led rally.

At the time of writing, Brent was down 24 cents or 0.52% on the day around $46.35/barrel. WTI was down 23 cents or 0.52% around $43.68/barrel.

Gasoline futures rallied 5% or 6.87 cents to $1.4302/gallon on Thursday. Diesel futures rallied 3.45 cents or 2.5% to $1.4162/gallon levels. Moreover, fuel refinery and pipeline problems led to gains in gasoline and diesel futures, which in turn pulled up the oil prices.

The focus today is on the US Baker Hughes data release.