China’s Late Buying Spree Gives Some Relief to Global Oil Market

(Bloomberg) — China has snapped up millions of oil barrels in a late buying spree as refiners plan to boost fuel exports through the end of the year.

Some of China’s biggest buyers have purchased at least 10 million barrels since late last week from the Middle East, West Africa and Brazil, according to traders participating in the market. The world’s top oil importer was initially subdued during the latest trading cycle, but the flurry of buying signals a ramp-up of Chinese consumption and a potential boost to global demand.