Oil has been on a downward trend since early April, posting losses in three of the last four weeks, with market indicators ranging from timeframes to processing margins pointing to a bleaker outlook. Brent and WTI fast spreads narrowed to multi-month lows, suggesting conditions are becoming less tight. Additionally, profits from manufacturing fuels like diesel and gasoline from crude have also declined.
Oil is confined to a narrow range, with the Middle East and stocks in focus
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