Brazil’s lubricating oil demand rose to a one-year high in March, boosted by a typical seasonal pick-up in consumption at the end of the first quarter of the year.

But demand fell from year-earlier levels for the first time in four months.

Lube consumption of 109,020mᶟ (96,570t) in March rose from 83,610mᶟ the previous month, according to IBP.

Demand fell by 3pc from 112,310mᶟ the same month a year earlier.

Firm lube consumption in Latin American markets like Brazil in recent months contrasted with weak demand in Europe.

The steady demand provided a valuable outlet for base oils supplies from overseas producers.