Oil cargo purchases in Asia signal demand comeback

RIGZONE | Asian buyers are snapping up distressed cargoes of oil from Africa to the Middle East in another sign that demand is coming back in the world’s biggest crude-importing region.

Indian, Chinese and South Korean refiners have been purchasing the so-called distressed shipments, or crude that’s set to load in around a month or less, according to traders and refinery executives. Some of the oil was already being stored at sea near Singapore, while other cargoes were purchased just days before they were scheduled to load in June, they said.

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