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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
832.98
0.00
759.00
+7.00
Mar 27
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	832.98	0.00	759.00	+7.00	Mar 27

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
456.95	-6.43	614.33	-5.41	884.18	-7.47	Mar 27

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MBP INDEX vs DBP INDEX (ICE/NYMEX)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	Date
Rotterdam	381	476	-95	528	563	-35	752	828	-76	Mar 27
Singapore	413	485	-72	560	560	0	735	837	-102	Mar 27
Fujairah	411	508	-97	563	561	+2	1 038	885	+153	Mar 27
Houston	389	434	-45	565	534	+31	818	865	-47	Mar 27

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Latest News
- 2023-03-28
  Oil Prices Jump 5% On Easing Banking Fears
  Amid extreme volatility, crude oil prices rallied sharply on Monday recording their biggest gains in months after a banking crisis seemed to lose steam. At 4:42 p.m. EST, Brent crude was trading up 4.21%, for a $3.16 increase on the day, at $78.15... Read more Amid extreme volatility, crude oil prices rallied sharply on Monday recording their biggest gains in months after a banking crisis seemed to lose steam.
  
  At 4:42 p.m. EST, Brent crude was trading up 4.21%, for a $3.16 increase on the day, at $78.15 per barrel. West Texas Intermediate (WTI) was trading up 5.30%, for a $3.67 increase on the day, at $72.93 per barrel.
  
  Oil stocks were riding the wave as well, with Exxon (NYSE:XOM) up nearly 2.2% at the same time, and shares of Chevron (NYSE:CVX) up over 1%. Apache Corporation (NASDAQ:APA) was up over 2.5%, and Marathon Petroleum Corp (NYSE:MPC) was up nearly 3.4%. ConocoPhillips (NYSE:COP) was up 2.15% on the day.
  
  While some media are attributing the rally to Iraq’s move to shut off the pipeline from Iraqi Kurdistan to Turkey following an international arbitration ruling, the amount of barrels in question here should not have been enough to move the oil price needle so sharply. There has been some speculation that shutting the taps off on 400,000 bpd from the Kurdistan Region of Iraq (KRG) could balance out the market’s anticipated loss of 500,000 bpd of Russian oil pledged under an output cut that does not yet seem to have materialized.
  
  Also driving oil price volatility is the weekend announcement by Russian President Vladimir Putin that Moscow would turn Belarus into a station for tactical nuclear weapons.
  
  The general sentiment in the oil market now seems to be that the fears of a wider financial crisis due to bank collapses and buyouts has somewhat eased. The easing of concerns follows an announcement by First Citizens that it would acquire deposits and loans from failed Silicon Valley Bank (SVB) to stabilize markets.
  
  Source: oilprice.com
- 2023-03-28
  Oil rally stalls as markets weigh tighter supply, demand disruption
  Oil prices fell slightly in early Asian trade on Tuesday after rallying in the prior session, as markets weighed the prospect of tighter near-term supply against growing political disruptions in parts of Europe. Crude markets shot up on Monday after... Read more Oil prices fell slightly in early Asian trade on Tuesday after rallying in the prior session, as markets weighed the prospect of tighter near-term supply against growing political disruptions in parts of Europe.
  
  Crude markets shot up on Monday after reports said that about 450,000 barrels per day, or 0.5% of global oil supply from Kurdistan was stopped after an arbitration case confirmed that Iraq’s consent was needed to ship the oil from Turkey. The move pointed to some disruptions in oil supplies over the near-term.
  
  But on the other hand, major transport strikes in Germany and France pointed presented near-term headwinds to oil demand. This trend cut short an oil rally this week, and is likely to act as a weight on markets in the near-term.
  
  Germany in particular saw public transport grind to a halt as increasing inflation saw calls for greater wages, in turn sparking walkouts by transport unions.
  
  Brent oil futures fell 0.4% to $77.47 a barrel, while West Texas Intermediate crude futures fell 0.1% to $72.75 a barrel by 22:43 ET (02:43 GMT). Both contracts rallied between 4% and 5% on Monday.
  
  Easing concerns of a banking crisis, following a government-brokered takeover of Silicon Valley Bank (NASDAQ:SIVB) by peer First Citizens BancShares Inc (NASDAQ:FCNCA) helped improve sentiment, as did a slew of assurances from regulators that the banking sector was stable.
  
  A lack of bad news on U.S. banks over the past week helped bring concerns over a banking crisis to a rest.
  
  Weakness in the dollar also benefited oil prices this week, as weakening safe haven demand and expectations of a less-hawkish Federal Reserve dented the greenback. A weaker dollar supports crude demand by making oil cheaper for international buyers.
  
  Still, oil prices were down nearly 10% so far this year, having sunk to 15-month lows earlier in March as markets feared that slowing economic growth will dent crude demand this year.
  
  While a recovery in China is expected to push up crude consumption, initial economic readings from the country have painted a weak picture of crude demand. The country’s oil imports sank in the first two months of the year.
  
  Crude markets are awaiting key Chinese business activity data due on Friday for more economic cues on the world’s largest oil importer. The country saw a sharp rebound in activity after the lifting of anti-COVID restrictions earlier this year.
  
  But this has yet to translate into higher crude demand.
  
  Source: Source: investing.com
- 2023-03-28
  Oil jumps 5% on Kurdish exports halt, trimming looming Q1 loss
  Crude prices jumped as much as 5% Monday as disruption of half a million barrels a day of Kurdish supply, nuclear war talk by Russia’s Vladmir Putin and assurances about the crisis-hit U.S. banking sector helped boost risk-on appetite in oil. Crude... Read more Crude prices jumped as much as 5% Monday as disruption of half a million barrels a day of Kurdish supply, nuclear war talk by Russia’s Vladmir Putin and assurances about the crisis-hit U.S. banking sector helped boost risk-on appetite in oil.
  
  Crude markets were also being closely watched to determine how successful they’ll be in trimming a big potential loss for the first quarter that’s looming as Friday’s trade — the last for this March — approaches.
  
  New York-traded West Texas Intermediate, or WTI, crude settled up $3.55, or 5.1%, at $72.81 per barrel. Monday’s gains add to the latest rebound in the U.S. crude benchmark, which rose 3.8% last week after the previous week’s 13% drop.
  
  London-traded Brent crude settled up $3.13, or 4.2%, at $78.12. The U.K. crude benchmark finished up 2.8% last week, after the previous week’s 12% tumble.
  
  Even with Monday’s gains, both WTI and Brent stand to lose almost 10% each at the close of the first quarter — unless the two benchmarks are able to make up the deficit in the four remaining days of trade till Friday.
  
  “It's been a volatile few weeks for crude, caught up in the banking storm as investors are forced to scale back their expectations for the economy which, in turn, has weighed heavily on demand prospects,” Craig Erlam, analyst at online trading platform OANDA, said.
  
  “With sentiment slowly improving and yields inching cautiously higher, so too are oil prices. It may take some time for the dust to settle and prices to fully reflect the new outlook after such a turbulent period which should ensure volatility remains for now.”
  
  About half a percent of global oil supply, or 450,000 barrels per day (bpd), of crude exports from Kurdistan stopped on Saturday after a victory in an arbitration case confirmed Baghdad's consent was needed to ship the oil from Turkey, Reuters reported, adding that this could also force cuts to oil output in the Kurdistan region.
  
  On the banking front, First Citizens BancShares Inc (NASDAQ:FCNCA) said it will acquire the deposits and loans of failed Silicon Valley Bank, closing one chapter in the crisis of confidence that has ripped through financial markets.
  
  The Federal Reserve’s Vice Chair for Supervision Michael Barr said the central bank will be “fully accountable” for any supervisory or regulatory failures involving Silicon Valley Bank, which was the first to fall among U.S. banks two weeks ago, triggering a domino effect. Barr, who is due to testify before US lawmakers on Tuesday, however, admitted in a pre-testimony speech released Monday that “contagion from SVB's failure could be far-reaching and cause damage to the broader banking system.”
  
  On the Russian front, President Putin's plans to station tactical nuclear weapons in Belarus represented the most pronounced nuclear signals yet. It was also a warning to NATO over its military support for Ukraine, which has called for a meeting of the U.N. Security Council in response. NATO slammed Putin for what it called his "dangerous and irresponsible" nuclear rhetoric.
  
  In terms of Russian oil production, Deputy Prime Minister Alexander Novak said Moscow was close to achieving its target of cutting crude output by 500,000 barrels per day (bpd) to about 9.5 million bpd. But Russia's crude exports are expected to remain steady as it cuts refinery output in April, data from industry sources and Reuters calculations showed on Friday.
  
  Source: Investing.com
- 2023-03-28
  Crude oil higher; Banking stability, Putin's threats boost market
  Investing.com -- Oil prices gained Monday, boosted by renewed confidence in the global banking sector while Russian President Vladimir Putin ramped up geopolitical tensions in Europe. By 09:35 ET (13:35 GMT), U.S. crude futures traded 1.5% higher at... Read more Investing.com -- Oil prices gained Monday, boosted by renewed confidence in the global banking sector while Russian President Vladimir Putin ramped up geopolitical tensions in Europe.
  
  By 09:35 ET (13:35 GMT), U.S. crude futures traded 1.5% higher at $70.33 a barrel, while the Brent contract rose 1.4% to $75.62 a barrel.
  
  The crude market received a boost Monday from a degree of stability in the banking industry after First Citizens BancShares (NASDAQ:FCNCA) agreed to buy most of Silicon Valley’s loan book and securities as well as assume all of its deposits in the wake of SVB’s collapse earlier this month.
  
  Reports about the U.S. authorities deliberating plans to expand emergency lending facilities also helped ease worries about the health of the banking industry.
  
  The global oil trade might be worth close to $200 billion but is still completely reliant on the funding provided by banks.
  
  Oil prices also drew support from Putin's announcement of plans to station tactical nuclear weapons in neighboring Belarus, in a move designed to intimidate the West over its support for Ukraine.
  
  NATO described his comments as "dangerous and irresponsible," and Ukraine called for a meeting of the U.N. Security Council in response.
  
  That said, crude prices remain marginally above the 15-month lows seen last week with data from Bloomberg suggesting that Russia’s crude flows despite Deputy Prime Minister Alexander Novak saying Moscow is close to achieving its target of cutting crude output by 500,000 barrels per day.
  
  Russia’s shipments slid by 123,000 barrels a day to 3.11 million barrels a day in the seven days to March 24, according to tanker tracking by Bloomberg, holding above 3M a day for the sixth straight week.
  
  Additionally, China’s statistics office had said that industrial profits were down 23% on the year in the first two months of 2023, implying the economic recovery in the largest crude importer in the world from the country’s reopening was slowing.
  
  Speculators cut their long positions in the ICE Brent contract significantly last week, according to the latest positioning data.
  
  “The latest data show that most of the gross longs that we saw added over January and February have now been closed out,” analysts at ING said, in a note. “Given the more neutral spec positioning, this leaves speculators with quite a bit of room to push the market higher. Although, obviously for that, we will need to see a change in sentiment and an easing in concern over recent developments in the banking sector.”
  
  Source: Source: investing.com
- 2023-03-27
  Analysis-Iraq's ambition to match Saudi oil output is out of reach Commodities 5 hours ago (Mar 27, 2023 04:12AM ET) Analysis-
  Iraq's oil output and capacity may peak following growth of around 25% over the next five years, analysts said, falling short of 2027 targets and ending a long-standing ambition to rival the output of top OPEC producer Saudi Arabia. Political infighting... Read more Iraq's oil output and capacity may peak following growth of around 25% over the next five years, analysts said, falling short of 2027 targets and ending a long-standing ambition to rival the output of top OPEC producer Saudi Arabia.
  
  Political infighting has cost Iraq the opportunity to invest in growing output more quickly. As the energy transition gathers pace, it means Baghdad may never be able to cash in the hundreds of billions of barrels it has in the ground, even with the efforts of the country's new energy minister to attract investment.
  
  Since 2016, Iraq's output has stalled at around 4.5 million barrels per day (bpd).
  
  Before then, capacity grew rapidly as the government opened up the sector in 2009 and international oil companies revamped the country's biggest oilfields.
  
  GRAPHIC: Iraq's annual average crude oil production- https://www.reuters.com/graphics/OIL-IRAQ/OPEC/znpnbljrjpl/chart.png
  
  Growth slowed in part because Iraq agreed to cap output under supply policy agreed with the Organization of the Petroleum Exporting Countries (OPEC) and allies, a group known as OPEC+.
  
  Iraq's Oil Minister Hayan Abdel-Ghani, who took office in October, plans to update Iraq's oil production strategies to meet local needs while complying with the OPEC+ agreement, oil ministry spokesman Asim Jihad told Reuters.
  
  It is too early for the new government to talk about any significant increases in Iraq's oil production outside the OPEC+ agreement, Jihad said. Under the agreement, Iraq's production target is 4.43 million bpd until December.
  
  As a result, Iraq has shifted focus to the refining and gas sectors and lowered capital expenditure in the oil sector, analysts at FGE consultancy and Rystad Energy told Reuters.
  
  'HARD, IF NOT IMPOSSIBLE'
  
  For the oil sector, the country has repeatedly delayed a target to reach 7-8 million bpd capacity, from the current 5 million bpd. The previous government said last year it hoped to reach the higher levels by 2027.
  
  Some energy industry consultancies forecast that Iraq may never reach them.
  
  Capacity would peak and plateau at 6.3 million bpd by 2028 before declining, Iman Nasseri, managing director for the Middle East with FGE consultancy, said. Politics, security and the investment environment were all contributing to prevent Iraq from pushing output higher than that, he said.
  
  "We think Iraq's current target looks hard, if not impossible to achieve," Nasseri said.
  
  Rystad Energy expected production to be limited to 5.5 million bpd by 2027 as a result of midstream growth limitations and because projects that are crucial to boosting output are stuck.
  
  Two decades after the war began, the current targets and the even lower forecasts are far off Iraq's post-war goal to take capacity to 12 million bpd.
  
  The ambition was scaled back in 2012 after international oil companies operating in Iraq negotiated lower output targets for their fields because of low recovery factors, high natural decline rates and because Iraq was not investing enough in infrastructure, analysts said.
  
  The major oil companies had also hoped Baghdad would improve the terms of technical service contracts (TSCs). That never happened, and companies such as ExxonMobil (NYSE:XOM) Corp and Royal Dutch Shell (LON:RDSa) Plc left.
  
  GRAPHIC: Iraq’s revised production plateaus- https://www.reuters.com/graphics/IRAQ-OIL/TOTAL/zdpxdqkzypx/chart.png
  
  ABOVE-GROUND ISSUES
  
  Analysts and industry insiders say the problems are above the ground rather than in the geology below, which has significant unexplored capacity, and include repeated changes to government, political infighting and red tape.
  
  Successive governments failed to sign off on Iraq's fifth licensing round in 2018. Six deals out of eleven oil and gas blocs on offer were eventually signed at the end of February, marking long-awaited reforms to the conditions of operating in the country.
  
  The beneficiaries were not the international oil companies, but UAE firm Crescent Petroleum and two Chinese companies.
  
  A source close to the Iraq energy industry who could not be named because they were not authorised to speak to the press said the contracts awarded pay royalties upfront and link revenues to oil prices.
  
  Abdel-Ghani's decision to sign the deals four months after his appointment may show a new resolve in government to cut deals more attractive to international energy companies, the source said. Still other issues remain.
  
  A large-scale seawater treatment project needed to boost output at the southern oilfields through water injection, has been stalled for over a decade because of haggling over terms.
  
  French oil major TotalEnergies is the latest to take on the project as part of a $27 billion deal to build four oil, gas and renewable projects over 25 years.
  
  TotalEnergies CEO Patrick Pouyanne said this month contractual disagreements were unresolved.
  
  "Iraq is not the easiest place to invest with all risk," Pouyanne said.
  
  The water project would boost output at the five Iraqi fields by 2 mln bpd of the 2.4 mln bpd growth needed to reach Iraq's 2027 targets, according to Rystad data and Reuters research.
  
  But completion before 2027 is unlikely, Rystad's vice president of Middle East upstream research Aditya Saraswat said.
  
  Iraq's oil minister this month revived seven investment opportunities in Iraq's refining sector.
  
  Even if Abdel-Ghani manages to find companies interested in those projects, Iraq's refining potential only allows 500,000 bpd of crude output growth and this would take time, Saraswat said.
  
  Meanwhile, Iraq's southern export capacity has stalled at around 3.2-3.3 mln bpd for the last year following delays to infrastructure upgrades at its Gulf ports, data from state-owned marketer SOMO showed.
  
  GRAPHIC: Iraq's crude exports from Basra- https://www.reuters.com/graphics/OIL-IRAQ/OPEC/znvnbljwxvl/chart.png
  
  Analysis-Iraq's ambition to match Saudi oil output is out of reach. Source: Investment.com / Reuters
- 2023-03-27
  GLOBAL: COSCO SHIPPING YARDS DELIVER ‘GREEN, LOW CARBON’ TRIO
  Cosco Shipping Kawasaki has delivered the OOCL Spain, a 24,188 TEU containership, and Yangzhou Cosco Shipping has handed over the 114,000 DWT Afra tanker, Green Anax, and the 82,000-ton bulk carrier, Yasa Ruby. Cosco Shipping Heavy Industry, the parent... Read more
- 2023-03-27
  EUROPE: NESTE TO CHARTER TERNTANK’S WIND-ASSISTED, METHANOL-READY TANKERS
  Neste has agreed to time charter two of Terntank’s new product tankers which will feature foldable suction sails and dual-fuel engines enabling the use of e-methanol as fuel. The tankers will be able to transport a range of cargoes, including renewable... Read more
- 2023-03-27
  AMERICAS: New responsibilities for Bunker One’s Kounalakis as firm gears up for further growth
  Stating that it is now ready ‘to accelerate its growth strategy and focus on expanding its footprint’, Bunker One has announced that Georgia Kounalakis, MD of Bunker One USA, will take on responsibility for all the company’s synergy supply and trading... Read more
- 2023-03-27
  Banking Crisis Has Triggered Capital Flight From Oil To Gold
  The sudden collapse of Silicon Valley Bank has sent shockwaves through the entire financial sector and marked the biggest bank failure since the 2008 financial crisis. Being the only publicly traded bank focused on Silicon Valley and startups for four... Read more The sudden collapse of Silicon Valley Bank has sent shockwaves through the entire financial sector and marked the biggest bank failure since the 2008 financial crisis. Being the only publicly traded bank focused on Silicon Valley and startups for four decades, the swift collapse has particularly rattled the venture capital community and left climate tech startups in a crisis.
  
  But the energy markets have not been spared, with oil prices crashing to multi-year lows following the ensuing banking crisis. Oil prices crashed spectacularly, with WTI crude falling from $80.46 per barrel just 10 days prior to the $67 range, while Brent declined from $86.18 per barrel to the $73 range, levels they last touched in December 2021. Commodity analysts at Standard Chartered warned that the oil price crash had been exacerbated by hedging activity–specifically, due to gamma hedging effects, with banks selling oil to manage their side of options as prices fell through the strike prices of oil producers put options and volatility increases. The negative price effect has been exacerbated because the main cliff-face of producer puts currently occupies a narrow price range.
  And now the latest Commitment of Traders (CoT) report published by the Commodity Futures Trading Commission (CFTC) has revealed where that oil money flowed to.
  
  Commodity analysts at Standard Chartered have combined the CoT data with the equivalent Intercontinental Exchange (ICE) data and found that there was heavy selling of crude oil and gasoline, combined with a rapid move by funds into precious metals four days after the collapse of Silicon Valley Bank but six days before Brent hit a 14-month low of USD 70.12 per barrel.
  
  Indeed, silver and gold saw a net increase in long positions while all other classes of crude and crude products apart from heating oil and natural gas saw a net increase in short positions.
  Related: Will Brent Break Below $70 This Year?
  
  During that period, money-manager net selling across the four main Brent and WTI
  
  Contracts hit a staggering 128.1 million barrels (mb) in the week to 14 March. Meanwhile,
  
  StanChart’s crude oil positioning index fell 41.6 w/w to -67.0, the largest single-week decline in six years, while its gasoline positioning index fell by 36.4 to -6.6, marking the first time it had turned negative in 20 months.
  
  Not surprisingly, gold prices have jumped nearly 9% since March 10, and now sit at $1,995/Oz, not far from the all-time high while silver prices have rocketed over 16% to trade at $23.35/Oz.
  
  Source: Standard Chartered Research
  
  Banking Fears Linger
  
  Previously, StanChart analysts had said that the unwinding of speculative length appears to be complete at this juncture, thus lowering selling pressure, but had warned that prices might retest the lows if the FOMC hikes its policy rate by more than the widely expected margin of 25bps. The markets have successfully scaled that wall of worry after the Fed’s hike on Wednesday came in-line with expectations. The Fed also indicated that the current rate hike cycle is nearing an end. StanChart expects last week’s gamma effects to reverse course with banks buying back positions thus reinforcing the short-term rebound. Beyond that, StanChart says oil prices will largely be dictated by OPEC’s and consuming countries’ strategic inventory policy shifts. The commodity experts are bullish that the path of least resistance for oil prices at this point is higher, not lower.
  
  Yet oil prices, after a brief rebound, continue to face significant selling pressure, with both WTI and Brent crude down 2.5% on Friday’s intraday session. Apparently, banking fears are far from over and this situation could linger for a while. The market appears to be reacting to some other unfolding banking drama whereby shares of Germany’s Deutsche Bank have plunged 11% on Friday after its credit default swaps started pushing higher. Credit swaps are used for insuring the bank's debt against the risk of default, and rising rates means the market thinks the risk of DB defaulting is rising. DB’s woes have put the European banking sector in reverse gear, taking down with them shares of Barclays, BNP Paribas, UBS and Societe Generale.
  
  “Underlying sentiment is still cautious and in this environment no one wants to go into the weekend risk-on,” Nordea chief analyst Jan von Gerich has told Reuters.
  
  This comes despite European Central Bank President Christine Lagarde reassuring EU leaders that the euro area banking sector was resilient due to strong liquidity positions, ample capital and post-2008 reforms. She also said the ECB toolkit was ready to provide liquidity to the financial system if the need arises.
  
  Source: oilprice.com
- 2023-03-27
  Oil prices move little amid banking sector uncertainty
  Oil prices kept to a tight range in Asian trade on Monday, hovering just above a 15-month low as markets waited for the next shoe to drop in a potential banking crisis. Concerns over increased geopolitical tensions also kept investors wary of crude,... Read more Oil prices kept to a tight range in Asian trade on Monday, hovering just above a 15-month low as markets waited for the next shoe to drop in a potential banking crisis.
  
  Concerns over increased geopolitical tensions also kept investors wary of crude, after Russian President Vladimir Putin said he will station tactical nuclear weapons in Belarus, escalating tensions with NATO over Ukraine. The bloc criticized Russia’s move.
  
  While oil prices recovered a measure of recent losses last week, they were still close to 15-month lows as markets feared that an economic slowdown will erode crude demand this year.
  
  Brent oil futures fell 0.2% to $74.44 a barrel, while West Texas Intermediate crude futures fell 0.1% to $69.16 a barrel by 22:05 ET (02:05 GMT). Both contracts rose between 2% and 4% last week.
  
  But oil prices are down over 13% so far this year, with a bulk of losses coming in March as the collapse of several U.S. and European banks ratcheted up concerns over an economic slowdown this year.
  
  ING analysts noted that speculators had cut long positions on oil sharply over the past two weeks, with overall positioning turning more neutral through March.
  
  “This leaves speculators with quite a bit of room to push the market higher. Although, obviously for that, we will need to see a change in sentiment and an easing in concern over recent developments in the banking sector.”
  
  Focus remained on Deutsche Bank (ETR:DBKGn), Germany’s biggest lender, as the next potential casualty of the banking crisis after credit default swaps, which are the cost of insuring the bank against a potential credit crunch, surged to near five year highs last week. This saw traders dump Deutsche’s shares en masse.
  
  Still, U.S. stock futures were somewhat positive on Monday, although analysts noted that this was more so on a lack of more negative news than any positive developments.
  
  A mild recovery in the dollar also kept crude markets under pressure, after some Fed officials suggested that the bank could still hike interest rates two more times. But the path of U.S. monetary policy remains uncertain, especially as regulators act to prevent more fallout in the banking sector.
  
  Focus this week is also on business activity readings from China, which recovered substantially this year after the lifting of zero-COVID measures. But middling trade and industrial data saw markets reassess just how much China will boost oil demand this year.
  
  Source: Investing.com