BLOOMBERG | Chinese oil traders know bargain crude prices when they see them.
That, at least, is one conclusion from the movements of the world’s supertankers.
There are 117 of the industry’s largest crude carriers en route to ports in the Asian country, where there have been increasing signs of a pickup in oil demand following the outbreak of coronavirus. That’s the biggest number of the vessels since at least the start of 2017, and quite possibly ever. Assuming they have standard-sized cargoes on board, the ships are likely delivering at least 230 million barrels of cargo.
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