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China Oil Trader’s Mideast Spree Contributes to Shake-Up in Global Supply Flows

  • Chinaoil buys Mideast crude as part of Platts pricing process
  • Dubai oil’s strength vs Brent, WTI spurs arbitrage flows east
Bloomberg business news

Chinaoil Helps Raise Value of Mideast Crude

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Crude purchases in one corner of the oil market by a Chinese trader are contributing to the shake-up of supply flows across the globe.

China National United Oil Co. last month bought at least 7 million barrels of Middle East crude for March loading as part of an assessment process operated by Platts used to set price benchmarks, data compiled by Bloomberg show. The spree was made at a time the region’s supply is shrinking as producers including Saudi Arabia shoulder a majority of global output curbs.