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Chinese state-owned and independent refiners bought at least 12 million barrels of Saudi crude on a delivered basis, sources said. Saudi Arabia is seeking to move more oil out of the Strait of Hormuz.
Sources said Chinese state-owned and independent refiners bought at least 12 million barrels of Saudi crude on a delivered basis as Saudi Arabia sought to move more oil out of the Strait of Hormuz.
Asia's diesel refining margins fell to a two-month low as ICE gasoil futures declined nearly 3%. Cash premiums also hit three-month lows, but spot window activity increased.
A Reuters survey showed November Arab Light OSP is expected to rise by as much as $3 a barrel to the Oman/Dubai average. The report said Middle East spot crude markets strengthened amid supply disruptions.