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European diesel margins increase amid SGT reserves
Diesel refining margins in Europe increased by over 8% on Monday after a sharp decline last week, as the market awaits the implementation of the G7 group's decision to release 100 million barrels of fuel from emergency reserves. Diesel futures traded at $73.26 per barrel, up $5.64 from the previous close. Officials confirmed that the decision to release the reserves is likely to contribute to a short-term decline in oil prices, despite ongoing pressure on crude and fuel prices due to replenishment efforts.
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