American oil still being imported by China
Washington’s escalating trade war with Beijing hasn’t choked off the flow of American oil to China.China has difficulty turning down a bargain.
At least six million barrels of U.S. crude set off for Chinese refineries in May, according to ship tracking data compiled by Bloomberg. In June, American shipments to the Asian nation are expected to reach at least 4 million barrels, according to shipping reports and data from Kpler. The volumes are a marked increase from April, when China took just one supertanker of U.S crude, about two million barrels.
U.S. oil may just be too cheap to pass up. West Texas Intermediate crude is selling for almost $9 per barrel less than the global benchmark Brent, down from around $6 in April. While global supply risks have boosted the price of Brent, growing American production has kept WTI weak, making it more appealing to international buyers.