China Is Snapping Up Russia Oil Even as Price Cap Talks Continue
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Oil refiners in China have started to snap up Russian crude cargoes after a short hiatus, citing sharply lower prices due to ample unsold supplies.
Chinese private processors, or teapots, purchased several cargoes of Russian ESPO crude for December-January arrival, said traders who asked not to be identified. The shipments traded at wider discounts to global benchmark Brent crude than deals done just weeks ago.