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US diesel futures struck 3-year low as oil selloff deepens as needed concerns
U.S. ultralow sulfur diesel futures fell to a threeyear short on Tuesday, dragged down by concerns of weak financial activity which have likewise deepened a selloff in the wider oil market. ULSD futures traded on the New York Mercantile Exchange fell 3.6% to settle at $2.06 a gallon, the lowest since August 2021. U.S. crude futures fell 4.3% to end at $65.75 a barrel, their lowest considering that December 2021. WHY IT IS VERY IMPORTANT Indications of weak financial activity in the U.S. and China, the leading oil customer and top importer, respectively, have actually weighed greatly on oil and...