China Boosts Buying of Cheaper Saudi Crude as Surplus Expands

China ramped up buying of Saudi Arabian oil after the kingdom cut prices to the lowest level in five years as a global surplus grows.

Refiners purchased nearly 50 million barrels from state producer Saudi Aramco for loading in January, according to traders familiar with the matter, who asked not to be identified discussing private information. It’s the biggest volume since August and more than 10 million barrels higher than December.