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The Economic Times

Economy / The Economic Times

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A panicked race for barrels grips the global oil market

A desperate scramble for immediately available oil supplies is occurring globally, with traders paying unprecedented prices for prompt cargoes. This physical market frenzy contrasts with futures, highlighting a significant crude shortfall as Middle East supplies are disrupted. Refiners may cut production, deepening shortages of vital products like diesel and jet fuel.

12 Apr 2026 2:48 pm