China Is Stockpiling This Ultra-Cheap Oil Blend

Rock-bottom prices and predictions of a massive plunge in global oil demand for this year are seeing China buy up record tonnes of Russian oil, temporarily vindicating Moscow as it persists in its stubborn market share war with the Saudis.   Reuters reported on Wednesday that China is scooping up 1.6 million tonnes of Russian Urals grade oil for loading over the next month. That’s 400,000-tonne-plus increase over January loadings.  Russian Urals grade is too cheap to resist at this point, losing nearly 9% on Wednesday, to hover…