Oil steady ahead of Jackson Hole Symposium

Oil drilling rigs

Oil is steady today, Aug. 24, ahead of the annual Jackson Hole Symposium that is expected to shed light on monetary policy, after data showed a slowdown in major economies.

International benchmark Brent crude was trading at $83.21 a barrel, at 08:00 am Makkah time. West Texas Intermediate (WTI) crude was at $78.86 a barrel.

The profit margin for processing a barrel of Dubai crude at a typical Singapore refinery climbed to $15.05 on Aug. 23, the highest since July 5, 2022. The margin has rallied 1,758% from the low in 2023 of $0.81 a barrel, hit on April 24, Reuters reported.

The Singapore refining margin for sulphur gasoil, the building block for diesel and jet fuel, ended at $32.46 a barrel on Aug. 23, up from $31.01 the previous close and near the eight-month high of $32.72, reached on Aug. 21.

The profit of turning a barrel of Brent crude into gasoline ended at $20.71 on Aug. 23, up from the previous close of $16.83 and the highest since July last year.

S&P Global survey for August showed factory activity in Japan contracted for the third month in a row, and business activity in the Euro zone declined more than expected, especially in Germany. US economic activity approached recession.

Meanwhile, the Energy Information Administration data showed that US oil inventories fell by 6.1 million barrels in week ended Aug. 18, compared with analysts' expectations for a 2.8 million-barrel drop.

Attended by top central bankers from around the world, the annual Jackson Hole Symposium is hosted by the Federal Reserve Bank of Kansas City. The three-day event starts today.