Oil Falls Below $80 On Mixed Data From China

Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.Chart of the Week- At least 48 VLCC tankers are sailing towards the United States to collect oil for exports, the highest in six years, as US exports are set to reach new all-time highs over the winter months. - According to Kpler data, US crude exports in November are expected to come in around 4.35 million b/d, only slightly below the all-time high of 4.45 million b/d reached in March 2023.  - The weakening of US gasoline…