China stockpiles oil as Trump tariff shock hits crude prices
Chinese oil traders are setting aside concerns over the long-term economic damage of a US trade war as they seek to profit from one of the short-term consequences: lower crude prices.
Imports of crude oil into China surged in March and have continued to accelerate in April, according to analysts, as the country replenishes stocks despite expectations a weaker global economy will reduce demand.
Kpler, a data company that tracks tankers sailing into China, said the country is importing nearly 11mn barrels a day, the highest level in 18 months and up from 8.9mn b/d in January.
What started as a buying spree of Iranian oil, on fears of further US sanctions, has developed into a broader stockpiling of crude after President Donald Trump’s tariff announcements, coupled with Увеличаване на производството от нефтен картел OPEC, изпрати цени, плъзгащи се до четиригодишно равнище.
Бенчмарк Brent Crude по -късно се възвърне да търгува с малко над Щатски долар 65 за барел в петък....
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