China Swoops in on Canadian Oil That's $50 Below U.S. Crude
- Heavy oil grades sought to replace shrinking Venezuelan supply
- Use of bitumen seen rising as China focuses on infrastructure
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Chinese oil buyers are making a beeline for a bargain across the Pacific.
With Canadian oil over 60 percent cheaper than U.S. benchmark West Texas Intermediate and global marker Brent, China’s refiners are being lured to the heavy, sludgy crude. That’s because -- apart from being a source of fuel -- it’s rich in bitumen, a black residue used to build everything from roads to runways and roofs.