Refining Bottlenecks Cap Oil Price Declines

Oil prices have been volatile this week, but Brent crude has held steady at $104 per barrel despite declining by 4.05% due to China's mediation to curb Houthi attacks on Saudi oil facilities.

The market was initially boosted by diplomatic efforts, but underlying supply constraints persist.

Refining capacity is expected to decline by 371,000 barrels per day next week, with diesel prices reaching a record high of $6.45 per gallon and gasoline near its recent peak.