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MARKET WATCH: Oil market strengthens on favorable employment report

Tuesday 13th of March 2012

The oil market continued to strengthen Mar. 9 on a better-than-expected government report of new jobs. US natural gas prices made slight gains that day after falling to a decade low earlier in the week.
"The oil product market was mixed with reformulated stock for oxygenate blending (RBOB) gasoline outperforming Brent crude, while heating oil on the New York Mercantile Exchange fell as the end of heating season kept middle-distillates under pressure," said James Zhang at Standard New York Securities Inc., the Standard Bank Group. "Physical crude price differentials fell further and continued to soften this morning, as poor refining economics and the spring maintenance season reduced demand."
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