For a sneak peek at the return of Chinese oil demand, look no further than the rebound in price of the nation’s favorite grades.
In the last few days a Chinese state-owned refiner bought Brazil’s Lula crude for August arrival at a premium of about 50 cents a barrel to Brent on a delivered basis, according to four traders in Asia. That’s a sharp recovery from the middle of April when the same grade traded at a discount of around $6.
