Physical Oil Rally Powers on Amid Strong Chinese, Indian Demand
- Spot prices of Russian, Qatari crude up from previous month
- Chinese daily refining rates rose to a record in November
This article is for subscribers only.
Asian buyers are snapping up oil at higher prices than last month, helping to bolster physical crude markets across the world and underpin a rally in futures.
Driven by a slew of purchases from Indian and Chinese refiners, crude values everywhere from Russia to the Middle East and Latin America have surged so far this month. Spot trading activity has been brisk as India’s largest refiner and at least one independent Chinese one got ahead of the competition to secure cargoes.