(ICIS) -- Asia's base oil market is expected to see weak buying interest for a few more weeks in the wake of volatile oil prices and the uncertain global economic outlook, market sources said on Thursday.
Traders and finished lubricant makers said they are delaying or minimising their purchases for cargoes loading at the end of August and in early September as they prefer to wait for a clearer price direction from the crude oil market.
Buyers usually build up their inventories in autumn, which is the peak season for lubricant production
Singapore ex-tank prices for SN150 fell by USD 10/tonne (EUR 6.90/tonne) at the high end of the range to USD 1.390-1.440/tonne in the week to 16 August, according to data from ICIS. The prices were dragged down by increased Chinese supply and weak demand.