China Oil Trader Matches Record Mideast Haul as Crude Slides
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The trading unit of China’s biggest energy company is on course for its largest-ever crude haul after matching its record for monthly Middle East oil purchases in Singapore as benchmark prices tumble to a six-year low.
China National United Oil Co. bought 55 crude cargoes, or 27.5 million barrels, so far this month for October loading as part of the market-on-close price-assessment process operated by Platts, lifting total Middle East shipments in August to a record. The trader purchased the same number of June-loading cargoes in April, according to data compiled by Bloomberg.