China Looks to Take Advantage of the Recent Slide in Oil Prices

Incentivized by below $80 a barrel Brent oil prices, Chinese refiners are looking to import more crude to build up stocks at relatively low prices early this year, expecting strong demand for fuels in the latter part of 2024, analysts and trading sources told Reuters. International oil prices and China’s crude import quota policies early this year have made refiners more certain of planning their purchases. Brent Crude has traded below $80 a barrel since early December, having dropped from a 2023 high of $95 at the end of September. In addition,…