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Physical Oil Market Weakens With China Buyers on Sidelines

Sumary of Physical Oil Market Weakens With China Buyers on Sidelines:

  • Article content (Bloomberg) — The market for physical crude barrels in Asia is showing signs of weakness with muted buying from some in China leading to ample supply…
  • Spot differentials for cargoes scheduled to be loaded in April or May from the Middle East and Russia — which make up a large portion of the oil consumed by Asian refiners — have suddenly dipped…
  • The premium of Abu Dhabi Murban crude slipped about 10 cents a barrel in a single day, while Russia ESPO was sold recently at least 60 cents cheaper than deals earlier in the week…
  • The retreat of Chinese buyers from the market coincides with a higher intake of Iranian crude in recent weeks, which has attracted the ire of the U.S…
  • Spot buying in Asia started the week on a strong note with a slew of tenders issued and a vital spread signaling Middle Eastern oil as a more attractive supply option….

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