A surge in gasoline prices in Asia, buoyed by a recovery in Japanese demand to a two-year high, will end soon as refineries in China, India and Taiwan bring on new capacity and boost supplies of the automotive fuel.
Yingxi Yu, Commodity Analyst at Barclays who tracks the energy markets tells CNBC-TV18 that the shutting down of refineries in Japan is a positive for Asian refiners. She also finds that short-term risk aversion can lead to a further short-term correction in oil prices. "Brent crude seems to be well supported at USD 110 a barrel."
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