"Asia refiners have already started to pull back ... and there are reports of (oil) cargoes struggling to sell," said Adam Longson of Morgan Stanley this week in a note to clients, adding that demand in the third quarter could fall further. (An employee walks past oil tanks at a Sinopec refinery in Wuhan, Hubei province. - Reuters filepic)
Brent crude settled down US$1.22 or 2.5 percent, at $47.10 a barrel.
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