Brent crude has doubled in price over the past six weeks, pulling back from the brink and the unprecedented step of negative US crude prices.
With Chinese demand increasing and the new OPEC cuts, with the extension being discussed right now, it has managed to drag prices to just under $40.
Meanwhile queues of tankers have formed off China’s busiest oil ports as the vessels wait to offload crude for refineries that are quickly ramping up production amid a rapid rebound in fuel demand.
Two dozen or more tankers are waiting to discharge at terminals on China’s east coast that supply state-owned and independent refiners in the region. (FIS)