Crude Oil Buying Activity in Asia up Amid Falling Prices in the US
Crude Oil prices have been falling for the past week with Brent Crude down 5 cents (0.1%) at USD 68.98 per barrel on Wednesday after falling 0.7% on Tuesday. The falling prices have given a boost for the buying activity in Asia with the South Korean and Chinese refiners buying at least 5 million barrels of US Mars Crude loading in September in order to take advantage of the falling prices. Other grades including the West Texas Intermediate (WTI) and West Texas Light (WTL) which also have traction in the east are also being booked in Asia. Another reason for Asian countries showing more interest in US high-Sulphur crude is the ongoing production restraints being faced by the Middle East Producers and delay in the return of Iranian Crude Oil to the international markets. During the second quarter of 2021, Crude Oil supplies in the Asia Pacific region were balanced with demand outlook uncertain due to surge in COVID related complications in India which further restricted the p...