Russian crude imports to China have risen in early 2017 as the country's independent, or teapot, refiners have expanded their diet to include the Urals grade, trade sources said on Tuesday. Russia could expand its market share in China, the second-largest oil consumer, this year after a drop in Brent prices relative to Middle East crude benchmark Dubai opened the arbitrage for Russian Urals to head east. Russia topped Saudi Arabia as the biggest crude seller to China in 2016. Shandong Wonfull Petrochemical Group bought about 2 million barrels of Urals crude for delivery in February and May, two sources with knowledge of the matter told Reuters. click Read More below for more of the story
Oil futures Tuesday headed higher, poised for their seventh straight gain amid efforts to curb output and measured optimism around U.S.-China trade talks, which were seen as making progress.
A resolution has widely been viewed as potentially supportive to crude prices because tariff spats have helped to hamstring expansion in the world’s second-largest economy China, also one of the biggest importers of crude.
Trade tensions pose the threat of hurting demand for oil, dragging prices, which have already been battered in recent months, further down. Both WTI and Brent oil are in a bear market, usually defined as a drop of at least 20% from a recent peak.
more at source: https://www.marketwatch.com/story/oil-on-the-verge-of-logging-longest-streak-of-gains-in-about-18-months-2019-01-08