*Oil Holds Near $42, Heads for Weekly Loss as Virus Cases Surge*
Oil looks to post a first weekly loss in the last three as COVID looks to sweep through the northern hemisphere in a second wave, on top of mounting supply pressures from Libya, following the lifting of the 8-month blockade on oil exports from the country over militant presence at major oil ports.
(Reuters)
*Trafigura Buys Stake in Italy’s Saras; Access to Largest Refinery In The Med*
Trafigura has taken a 3.01% stake in the largest oil refinery in the Mediterranean, with refining margins consistently under pressure the Sarroch industrial site is one of the most efficient that is capable of producing 300,000 bpd from a rage of crude oils. (S&P Global Platts)
* Japan’s Kerosene Demand Seen Picking Up from Nov On Colder Weather*
Kerosene demand is set to increase soon in Japan as colder weather is due to hit earlier than usual, with the government considering imports to match demand if refiners are unable to fill the gap. Kerosene- widely used in home heating in the Asian country, is expected to increase in supply as refiners look to produce enough before the cooler weather takes hold. (S&P Global Platts)