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China Pauses Some Russian Oil Purchases Ahead of Price Cap

  • Some ESPO crude remains unsold as Chinese buyers stay away
  • Market wary of paying above limit for sanctions exemption
Bloomberg business news
WATCH: Oil was little changed despite a volatile session. Stephen Stapczynski reports.Source: Bloomberg
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China’s crude buyers have paused purchases of some Russian oil as they wait for details of a US-led cap to see if it presents a better price.

Several cargoes of Russian ESPO crude for December-loading remain unsold and there’s hesitation among sellers and Chinese buyers to close deals before more clarity on the exact price cap level is known, according to traders with knowledge of the matter. More details on the measure are expected soon.