Surging Prices for China’s Favorite Oil Grades a Positive Omen

Surging Prices for China’s Favorite Oil Grades a Positive Omen

Offers for Lula into China have been as high as a $2 premium to Brent in recent days, the traders said, while an independent refiner paid more for Congo's Djeno oil than it did a few weeks ago.. Oman crude, a popular grade in China, has surged to the equivalent of a 30-cent premium to Dubai swaps this week on the Dubai Mercantile Exchange from a discount of more than $6 in mid-April.. The rebound may be hard to sustain without a continued recovery in refining margins and a drawdown of fuel inventories, some of the traders said.. Fuel inventories at the Asian oil hub haven't receded that much from April when they rose to the highest since 2016.. Gilead Opens Treatment to Generics; Jilin Cases: Virus Update.