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China is looking for an alternative to oil from Venezuela, the production and exports of which have declined sharply this year. Chinese refiners are considering the possibility of deliveries from Brazil, but for now they are actively buying Canadian oil, which is much cheaper than the benchmarks growing in price, Bloomberg reports. Canadian oil also attracts Chinese enterprises because it produces a significant amount of bitumen in the refining process, which is necessary for the large-scale construction of infrastructure facilities in China. Due to the growth in Canadian production, the Canadian WCS oil quotes fell to $26 a barrel. According to Kpler, oil supplies from Canada to China in September amounted to 1 million 580 thousand barrels, which is 1.5 times more than in May.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
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