NEW DELHI: Asia’s refining margins for 10ppm gasoil and jet fuel extended losses on Tuesday as worries that demand would take a hit from a potential global recession blunted the boost from weakness in crude oil benchmarks.

Refining profit margins, or cracks, for the 10 ppm gasoil grade slipped to $49.78 a barrel over Dubai crude, Refinitiv Eikon data showed. The cracks were at $51.44 in the previous session.

Margins for jet fuel were down $4.24 at $40.40 a barrel over Dubai crude during Asian trading hours.

Cash differentials for jet fuel weakened by $1.17 to a premium of $1.38 a barrel to Singapore quotes on Tuesday. Cash premiums for gasoil with 10 ppm sulphur content declined $1.51 to $4.98 a barrel to Singapore quotes. No gasoil deal, no jet fuel trades.

Russian diesel exports to Europe fell for a third straight month in June to their lowest since July 2020, data showed, as importers slowly reduce buying ahead of a tightening of sanctions on Moscow.

Saudi Arabia, the world’s top oil exporter, raised August crude oil prices for Asian buyers to near record levels amid tight supply and robust demand.