Record Volumes Of Cheap U.S. Crude Oil Are Headed To Asia

A record volume of U.S. crude oil is set to arrive in China and the rest of Asia this month as buyers rushed to snap up cheap oil earlier this year, Refinitiv’s tanker-tracking and port data showed. According to Reuters columnist Clyde Russell, the most likely reason for the all-time high Asian imports of crude from America is the cheap oil prices in March and April, when oil prices were half what they are today. The cargoes bought in March, April, and May are set to arrive in July and August, so it is no surprise that Asia’s imports…