Real Oil Price Rally Fades as Asia’s Buying Spree Winds Down
Bloomberg 12/22/2020 Sharon Cho and Sherry Su
(Bloomberg) A rally in the physical oil market is losing steam as Asian refiners ease purchases after an earlier-than-usual buying spree.
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Many processors in the region have almost fulfilled their needs for spot cargoes that will be mostly loaded in January and February, according to traders. Asian demand had driven up the price of real barrels of oil everywhere from the Middle East to Russia and Latin America, with some independent Chinese refiners snapping up crude early in the month to secure supply.